Matco Foods concludes IPO, gets successfully listed on PSX

Matco Foods is the first company to get successfully listed on PSX.

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LAHORE: A bourse notification filed Monday, Pakistan Stock Exchange (PSX) approved the application for listing and quotation of shares of Matco Foods Limited on completion of relevant requirements.

“Trading in the shares of the Company will start on the Ready Board of the Exchange from Tuesday, February 13, 2018 and all transactions taking place in respect of the above Company shall be settled on T+2 settlement basis from the above date. The first settlement date will be Thursday, February 15, 2018,” read the notification

Matco Foods market lot would be 500 shares of Rs 10 each and opening price of the shares will be Rs26 per share as reached via the book-building process. Also, normal circuit breakers would be applicable on opening prices of shares in the ready market, said the notification.

The company would be listed under “Food & Personal Care Products” sector of the daily quotations on the stock exchange. Matco Foods book-building was over-subscribed by 1.044 times.

MCB said the book-building process had concluded on 24th January at a strike price of Rs26 per share and participation of 30,418,770 against a total issue size of 29,143,000 was witnessed, resulting in over-subscription of 1.044 times. Also, the notification read over 59 investors participated in the book-building process of Matco Foods and 58 were deemed successful.

Matco Foods is the first company in 2018 to get successfully listed on PSX and will now be followed by AGP Limited, one of Pakistan’s leading pharmaceutical companies which completed the 1st phase of its book-building process on 8th February.

Matco Foods is known for exporting 75 percent of its basmati rice abroad due to increased profit margins. Its basmati rice brand of Falak is considered the bestselling brand from Pakistan and exports its rice to over 60 countries globally.

It is one of Pakistan’s leading agri-business with over fifty-years of experience in the rice industry. It is operating over 5 processing plants and is considered among the country’s largest rice exporters.

At time of filing this report, KSE-100 index was trading at 43,829.53 points, up 45.83 points from close on Friday.