Book building fetches twice the floor price for year’s first IPO

With an offer size of 24 million odd shares for institutional investors, Roshan Packages Limited (RPL) commenced its book building period on Tuesday, which ended at 5 PM.

It’s the first Initial Public Offering (IPO) of 2017 and generated bids for 80 million shares as the bidding process closed.

RPL began the bidding process by offering the shares at a floor price of Rs 35, including a premium of Rs 25, which reached a strike price of Rs 86.25 as the book building period ended.

“It is the most oversubscribed IPO in the history of Pakistan Stock Exchange,” Roshan Packages Limited CEO Tayyab Aijaz said.

Sale of shares to the general public will begin on January 30.