Staff Reporter Karachi
Pakistan Stock Exchange (PSX) takes great pride in announcing yet another Listing for the fiscal year 2021. The successful IPO of Panther Tyres Limited resulted in the fifth listing on the Stock Exchange for FY 2021 which was marked by a Gong Ceremony at the Exchange.
The Gong was struck by the CEO of Panther Tyres Limited, Mian Faisal Iftikhar amidst the presence of MD PSX, Mr. Farrukh H. Khan and senior management of both PSX and Panther Tyres Limited. Also present were the CEO & senior management of Arif Habib Limited who are the Consultants to the Issue.
The Issue of Panther Tyres Ltd. consisted of 40 million ordinary shares whereby the bidders were allowed to place bids for 100% of the issue size through book building method.
However, the successful bidders were provisionally allotted 75% of the Issue size or 30 million shares while the remaining 25%, i.e: 10 million shares, were offered to the retail investors.
The Issue was offered at the book building stage through a floor price of PKR 47/- per share (face value of PKR 10/- per share & premium of PKR 37/- per share) with a price band of 40% above the floor price.
The book building was extremely successful with a large number of institutions and high net-worth individuals taking part in the bidding whereby the Issue was oversubscribed by 4.37 times.
The strike price was locked in at PKR 65.80 per share. The retail portion also attracted tremendous response from the public with the Issue being oversubscribed by 1.92 times or 9.196 million shares.
Panther Tyres raised capital through the Issue to partially fund the Company’s expansion project. The expansion includes import of machinery to enhance the production capacities of Tyre Sets and Tubes (Packed).
Speaking about the successful listing of Panther Tyres Ltd., the MD of PSX, Mr. Farrukh Khan, stated, “It is a proud moment for Pakistan Stock Exchange that yet another company has successfully completed its IPO and has been listed on the Stock Exchange.