Amtex to offer remaining 18.3 million shares to general public through IPO
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.