Agha Steel Industries to go public with 30 million shares to be offered to the general public at a quoted price of PKR 32.
The process of general public subscription started today and will conclude by October 15.
The book-building phase of the Initial Public Offer (IPO) of the company, which concluded last week, was overwhelmed and oversubscribed by 1.63 times. Institutional investors and high net worth individuals bought 90 million shares in the process.
The company raised PKR 3.8 billion in total, making it the largest IPO in the steel sector and the second-largest IPO in the private sector.
According to the source, 7 out of 10 brokerage terms issued calls to subscribe. This resulted in investor demand amounting to PKR 4.4 billion against the IPO’s book-building size of PKR 2.7 billion.
Agha Steel Industries intends to use this investment to increase its productivity. The current capacity of the company is 250,000 metric tons and they intend to touch 650,000 metric tons.