Sunday, 10 January 2016

Hi-Tech shares to be offered at Rs62.50 to general public

The book building process of Hi-Tech Lubricants Limited has attracted enormous response and it has been over-subscribed by 2.24 times in the first stage of Initial Public Offering (IPO) of the company, which closed on Friday.
According to the details shares of the company were offered at a base price of Rs37 per share, but due to high demand during the two-day book-building process, the closing strike price touched Rs62.50 per share.
In book building process, only corporate entities and high-net worth individuals can bid for shares. The company was able to raise Rs1.35 billion from the offer, which made available 75% or 21.75 million shares out of the IPO for 29 million shares. Investors had offered bids for 48.674 million shares of the company.
In the next stage of the IPO, the remaining 25% or 7.25 million shares will be offered to general public at the strike price of Rs62.50.
Arif Habib Limited is the lead manager, arranger and book runner for both the IPO segments.
Commenting on the investor response to the book building, Hi-Tech Lubricants Director Shaukat Hassan said, “We are also extremely happy to become the first-ever listed company after the formation of Pakistan Stock Exchange (PSX).”

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