Air Link Communication Ltd Listed On Pakistan Stock Exchange
Umer Jamshaid 1 month ago Wed 22nd September 2021 | 10:28 PM
A Gong ceremony was held here at Pakistan Stock Exchange (PSX) on Wednesday to mark listing of Air Link Communication Limited, which has successfully carried out its Initial Public Offering recently
KARACHI, (UrduPoint / Pakistan Point News - 22nd Sep, 2021 ) :A Gong ceremony was held here at pakistan stock exchange (PSX) on Wednesday to mark listing of Air Link Communication Limited, which has successfully carried out its Initial Public Offering recently.
This was the largest private sector IPO in the history of Pakistan's capital market having value of Rs 6.435 billion at strike price. JS Global Capital Limited was the lead manager and the book runner to the issue. The company has been listed on psx with effect from September 22, said PSX statement.
The issue consisted of 90 million ordinary shares which were offered 100% through book building method at a floor price of Rs 65 per share. The bidders were allowed to place bids for 100% of the Issue size. However, the successful bidders were allotted only 75% of the issue size i.e. 67.5 million shares and the remaining 25% i.e. 22.5 million shares were offered to retail investors.
The company received total participation of Rs 10.730 billion against the issue of Rs 5.850 billion at floor price, thereby being oversubscribed by 1.8 times. A large number of investors participated in the book building process and out of 518 bidders, 388 investors were declared successful.
The retail portion of the IPO also attracted tremendous response. Applications for 25.9 million shares were received against the Issue size of 22.5 million shares. The retail portion of the Issue was thus oversubscribed by 1.15 times. Air Link Communication Limited raised these funds to meet the working capital requirements which would increase its sales volumes.
Speaking about the successful IPO and listing of Air Link Communication Limited, PSX's Managing Director and CEO, Farrukh H.
" We hope, the success of this IPO will also encourage other companies to come forth and raise growth capital from PSX," he said adding that by listing on PSX, Air ink Communication had transitioned from a business to a listed corporate organisation, strengthening its corporate governance and adding to its transparency with full compliance of taxation regulations, thereby contributing to the national economy.
About the IPO and Listing of Air Link Communication Limited, the CEO of the Company, Muzzaffar H. Piracha said, "It is a great day for Air Link, one of the largest mobile phone manufacturers, distributors and retailers, PSX and the capital industry for completing the largest private sector IPO in Pakistan's history." He said his company was working in line with Prime Minister's 'Make in Pakistan' vision to reduce the country's dependence on imported commodities and shift to a sustainable export-oriented economy. Not only, it would help to reduce trade deficit but create employment opportunities for the people of our country.
CEO of JS Global Capital Limited, Muhammad Kamran Nasir, added that JS Global had set the bar high for the industry through the flawless execution of Pakistan's largest private sector IPO. It spoke of the volumes of the company's investment banking strength and distribution capacity.