Author Topic: AMTEX -- Amtex Limited  (Read 123326 times)

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Offline Farzooq

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AMTEX -- Amtex Limited
« Reply #-1 on: February 20, 2010, 12:28:19 PM »
Amtex offers 61 million ordinary shares through IPO

RECORDER REPORT
KARACHI (February 20 2010): Amtex Limited, the largest vertical integrated textile set-up in Pakistan has announced offering of 61 million ordinary shares through initial public offering (IPO). "Positive trend continued at this front as new companies are coming for listing at the local bourse", analysts said adding that it would be the fourth IPO being witnessed in just two months of the current year against only three public offerings seen in the whole year of 2008.

Amtex Limited will issue 42.7 million ordinary shares, 70 percent of the total issue size, to institutional investors and high net worth individuals (HNWI) at the strike price determined through the book building process. The remaining 18.3 million ordinary shares, 30 percent of the total issue size, would be offered to general public through IPO. The floor price for the issue has been set at Rs 13 per shares.

Amtex Limited has appointed AKD Securities Limited as Financial Advisor and Arranger, Lead Manager and Book Runner for the proposed IPO of 61 million ordinary shares. The bidding period has been announced from February 24 to February 26, 2010 (both days inclusive). In this regard, the company has organised a road show in Karachi in relation to issuance of shares through the book building process.
« Last Edit: January 28, 2012, 09:06:35 PM by M&M »
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AMTEX -- Amtex Limited
« Reply #-1 on: February 20, 2010, 12:28:19 PM »

Offline Farzooq

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Re: AMTEX -- Amtex Limited
« on: February 20, 2010, 12:51:53 PM »
AMTEX Limited (AMTEX) is conducting an IPO of 42.7mn ordinary shares at a floor
price of PKR 13/share through the book building process from 24th Feb to 26th Feb
2010. This portion (70% of the total issue size) is targeted towards the institutional
investors and high net-worth individuals while the rest of 18.3mn shares will be offered
to the general public in the days to come. Key information extracted from the
company’s Information Memorandum is as follows:

Overview
AMTEX Limited is amongst the largest vertically integrated Textile setups in Pakistan.
Its operations include spinning, weaving, processing, printing, finishing, cut and sewn
processes. The Company’s Product range is dominated by Home Textiles that makes
majority of the Company’s overall sales revenue. AMTEX has shown huge promise in
value added Home Textile sector, where it has become a leader in exporting high end
quality Products. AMTEX is purely an export oriented Company with over 95% export
sales and an average annual turnover of around USD200 mn.

AMTEX has posted consistent performance in the past with revenue CAGR of
approximately 27% over the last 4 years while maintaining gross margins over 20%.
However, it is pertinent to note here that PKR weakness has and is projected to benefit
such an export-based company in terms of higher revenues in PKR terms.
AMTEX’s EPS stood at PKR 3.81 in FY09 and a share price of PKR13 implies a PER
of 3.41x. Furthermore, the stock has a BV of PKR29.98/share implying a P/B of 0.43x


Attractive when compared to domestic peers
AMTEX stands discounted on both the PER and PBV multiples when compared with
the leading players in the local industry. Artistic Denim Mills (ADMM) and Nishat Mills
Limited (NML) are trading at PER multiples of 6.5x and 8.5x while AMTEX’s implied
PER multiple stands at 3.4x. Similarly, industry’s P/B ratio averages at 0.7x while that
of AMTEX is 0.4x, a discount of 63%.
Key Players

Purpose of the IPO
Assuming complete subscription of 61mn shares at PKR13/share the company would
raise PKR793mn from the book building process and IPO to the general public. The
aim of listing is to inject additional equity into the Company for working capital
requirement and balance sheet optimization. AMTEX is operating on DTR model which
requires extensive working capital deployment for facilitating large orders. Therefore
the capital raised through the IPO would be directly utilized in repayment of long term
loan and the remaining would be used for bridging working capital requirement arising
from sales growth.

Out of the proceeds raised from IPO, approximately 40% would be utilized to retire the
long term debt financing facility being availed from Bank of Punjab and United Bank
Limited. The Company will also make payment towards amount raised through Sukkuk
issue. This will ensure interest cost saving to the Company thereby increasing
profitability. The remaining funds will be utilized for working capital requirement.

Outlook
The country’s value-added sector continues to struggle with high cotton and yarn prices
along with immense competition from India and Bengladesh in the international
markets. Exports of ready-made garments have declined by 13% while bed-wear
exports have increased by less than 2% in 1HFY10 which raises questions on
continued bottomline growth for the company in the current situation.

The government is trying to negotiate with the European Union to get Generalised
System of Preferences (GSP) plus status for Pakistan which would help exporters
compete in European markets. Under this system Pakistani manufacturers would be
given preference in the region and the present duties of about 12% will be zero-rated
immediately. Furthermore, newly implemented five-year Textile policy would assist in
obtaining incentives from the GoP as the entire value chain would be facilitated.
Therefore, these incentives are likely to bode well for the company’s fundamentals in
the near future. The IPO will help provide investors with an opportunity to invest in the
value-added textile sector with the abovementioned value additions. We recommend
subscribing to the IPO.
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Offline Farzooq

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Re: AMTEX -- Amtex Limited
« Reply #1 on: March 23, 2010, 10:44:33 AM »
Amtex to offer remaining 18.3 million shares to general public through IPO
RECORDER REPORT
KARACHI (March 23 2010): Amtex Limited, the largest vertical integrated textile setup in Pakistan, has announced to issue the remaining 18.30 million ordinary shares to general public through initial public offering (IPO) at offer price of Rs 13 per share. It would be the 30 percent of the total IPO of 61 million ordinary shares. The subscription date would be March 24 and 25, 2010.

In this regard, a presentation was held at the auditorium of Karachi Stock Exchange (KSE) here on Monday to brief the investors about the IPO and the company's performance. Fareed Alam, CEO of AKD Securities said that book building portion, which was the 70 percent of total issue of 61 million ordinary shares has been oversubscribed and successfully closed.

The ievent was widely attended by both local and foreign investors, high net worth individuals and mutual funds. The strike price determined through the book building is Rs 13 per share, he added. The CFO of Amtex Limited, Muhammad Zeeshan Abid, while speaking on this occasion, said that the aim of listing is to inject additional equity into the company for working capital requirement and balance sheet optimisation.

The management of Amtex Limited has appointed AKD Securities Limited as the Lead Manager, Arranger and Book Runner for the transaction. The underwriters to the issue are including United Bank Limited, Al Baraka Islamic Bank Limited, Pak Libya Holding Company, Pak China Investment Company, AKD Securities, M.M. Securities, Invest Capital Investment Bank and A&N Worldwide. The bankers to the issue of Arif Habib Bank, Askari Bank, Bank Al Falah, Faysal Bank, Habib Metropolitan Bank, Habib Bank, KASB Bank, MCB Bank, Soneri Bank, The Bank of Punjab and United Bank.
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Offline ::WASIF::

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Re: AMTEX -- Amtex Limited
« Reply #2 on: March 25, 2010, 10:48:28 AM »
yar kia mcb ke har branch form lay rahee hay
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Offline agh

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Re: AMTEX -- Amtex Limited
« Reply #3 on: March 31, 2010, 03:28:19 PM »
@farzooq bhai, any update regarding AMTEX IPO, under or over subscribed......?


Offline Farzooq

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Re: AMTEX -- Amtex Limited
« Reply #4 on: March 31, 2010, 03:30:40 PM »
@farzooq bhai, any update regarding AMTEX IPO, under or over subscribed......?



no update yet
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Offline ::WASIF::

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Re: AMTEX -- Amtex Limited
« Reply #5 on: April 02, 2010, 11:12:07 AM »
@farzooq bhai, any update regarding AMTEX IPO, under or over subscribed......?



Over subscribed
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Offline stockchild

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Re: AMTEX -- Amtex Limited
« Reply #6 on: April 06, 2010, 11:28:23 PM »
any update on Amtex IPO? balloting etc

Offline stockchild

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Re: AMTEX -- Amtex Limited
« Reply #7 on: April 07, 2010, 11:48:26 PM »
yar ma itna dino sa poch raha hon.plz somebody tell me ka AMtex ka kia bana. How would i know ka mera pason ka kia bana

Offline stockchild

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Re: AMTEX -- Amtex Limited
« Reply #8 on: April 08, 2010, 07:49:30 PM »
still no update. as per law balloting must be done within 10 days.i think ab tu over 15 din ho gai han

Offline stockchild

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Re: AMTEX -- Amtex Limited
« Reply #9 on: April 10, 2010, 01:54:24 PM »
yar is forum per azgar ka aliwa koi aur share bi discuss hota ha ya nai?

would somebody tell me about Amtex. Is ki balloting ka ha. when will it start trading.i have applied for its Shares. but still no information .

Offline Farzooq

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Re: AMTEX -- Amtex Limited
« Reply #10 on: April 10, 2010, 01:57:37 PM »
yar is forum per azgar ka aliwa koi aur share bi discuss hota ha ya nai?

would somebody tell me about Amtex. Is ki balloting ka ha. when will it start trading.i have applied for its Shares. but still no information .

no update yet
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Offline arifsaeed

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Re: AMTEX -- Amtex Limited
« Reply #11 on: April 10, 2010, 05:48:56 PM »
i got message from CDC that AMTEX shares credited to my KASB annount

Offline arifsaeed

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Re: AMTEX -- Amtex Limited
« Reply #12 on: April 12, 2010, 11:31:19 AM »
shares transfered in account

Offline ::WASIF::

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Re: AMTEX -- Amtex Limited
« Reply #13 on: April 12, 2010, 11:55:14 AM »
ais ke trading kab start hogee
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Offline arifsaeed

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Re: AMTEX -- Amtex Limited
« Reply #14 on: April 12, 2010, 03:17:56 PM »
no date announced yet

Offline arifsaeed

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Re: AMTEX -- Amtex Limited
« Reply #15 on: April 12, 2010, 07:20:38 PM »
trading starts on 13 april

Offline stockchild

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Re: AMTEX -- Amtex Limited
« Reply #16 on: April 12, 2010, 07:30:46 PM »
@arif r u sure that trading will start from tomorrow?

Offline M&M

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Re: AMTEX -- Amtex Limited
« Reply #17 on: April 12, 2010, 08:48:28 PM »
@arif r u sure that trading will start from tomorrow?

« Last Edit: April 13, 2010, 10:21:08 AM by M&M »
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Online kashif_khan

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Re: AMTEX -- Amtex Limited
« Reply #18 on: April 13, 2010, 06:13:24 PM »
Seniors Amtex ke bare main kya khayal hai Rs.13 ka IPO aya tha ajj pehle din hi low banaya hai entry lene chahye ya nahin. Please Advise

Tags: amtex textile fraud Kachra