The Initial Public Offering (IPO) of Ittefaq Iron Industries Limited received an overwhelming response from Institutional and High Net Worth Individual Investors during the book building held yesterday. The Company offered 31,312,500 shares at a Floor Price of PKR 12 per share which was oversubscribed by 2.5 times as the Company was able to generate demand of 78,405,687 shares at PKR 30.2 per share.

The strike price of PKR 30.2 is also much higher than the floor price of PKR 12 per share offered by the Company and has enabled the Company to generate 1.26 billion rupees from the stock market. As a next phase of the IPO, the Company will be offering 10,437,500 shares at PKR 30.2 per share to the general public. General public subscription is scheduled to be held on May 23, 2017 and May 24, 2017. The Company is based in Punjab and is involved in the manufacturing of re-bars. Next Capital Limited is the Lead Manager and Arranger for this IPO while Alfalah Securities (Pvt) Limited is the book runner.-PR

Copyright Business Recorder, 2017