Staff Reporter Karachi
In an exciting development at Pakistan Stock Exchange (PSX), yet another company has been listed on the Exchange.
The recently concluded Initial Public Offering (IPO) of Service Global Footwear Limited results in the sixth listing on the equity board of the Stock Exchange for the fiscal year 2021.
This is a positive development as additional companies are getting listed intermittently since the beginning of this fiscal year.
The IPO was a resounding success with the strike price being discovered at PKR 53.20 per share.
A large number of investors, totaling 416 in number, including institutions as well as (foreign & local) individuals took part in the successful bidding in the book building phase.
The general public portion of the Issue was oversubscribed by 4.9 times showing tremendous interest by the public.
Applications for a total of 50,973,130 ordinary shares against the issue size of 10,221,875 ordinary shares were received.
The Issue of Service Global Footwear Ltd. consisted of 40,887,500 ordinary shares or 20% of the total post-IPO paid-up capital of Service Global Footwear Ltd.
The entire issue was offered through book building method at a floor price of PKR 38/- per share with a maximum price band of up to 40% (PKR 53.2 per share).
Initially, 75% of the issue size i.e. 30,665,625 ordinary shares were allotted to successful bidders and 25% of the issue size i.e. 10,221,875 ordinary shares were offered to retail investors at the Strike Price.
The book building dates of the Issue were April 7th & 8th, 2021, whereas the public subscription dates for the retail portion of the Issue were April 12th and 13th, 2021.
