Consultant and book runner of Airlink Communication Limited, JS Global, has introduced the largest-ever initial public offering (IPO) in Pakistan worth Rs6 billion.
The minimum share price of Rs65 Is being offered with a maximum price band of up to 40 per cent mentioned JS Global lead manager and consultant for the issuance of shares
Airlink has bid invites for a total of 90 million shares from various investors.
On Monday, a bid for 45.44m shares in a price range of Rs65-71 was received by the company.
The final strike price will be finalized after the two-day book-building process.
The prospectus available on the PSX website says, “IPO proceeds would be utilised for injection of working capital to expand the company’s distribution and retail network.”
Currently, Airlink has 14 outlets but they aim to open 150 outlets in the next five years.
According to the prospectus, “The issue is expected to generate Rs5.85bn at a floor (minimum) price worth Rs65 per share, out of which Rs3.90bn (new issue of 60m shares) shall be utilised to finance working capital requirements,”
Moreover, it said, “The issuer’s total working capital requirement is Rs5.439bn, out of which Rs3.90 billion (72pc of the total working capital requirement) shall be financed by proceeds from the new issue and the remaining Rs1.539bn (28pc of th
