KARACHI, Jan 13: The initial public offering (IPO) of Jahangir Siddiqui Capital Markets Limited was oversubscribed to the tune of 530 per cent.

A press release issued by the Jahangir Siddique Group on Thursday said that the public had extended 'tremendous response' to the company's offer of 2.5 million shares in lots of 500 shares at the offer price of Rs52.50 per share.

The company had conducted the IPO on December 30-31, 2004. The share offer was oversubscribed by 5.3 times in terms of amount received and 4.96 times in terms of the number of applications for 500 shares each.

Balloting to determine successful applications was held recently at Technology Trade (Pvt) Limited. Ali J. Siddiqui, a director on the board of Jahangir Siddiqui & Company Limited, was chief guest.

Others present on the occasion from the JS Group Companies were Munawar Siddiqui, Ali Raza Siddiqui, Munaf Ibrahim, Aftab Q. Munshi, G.M. Malkani, Yousuf Amanullah and Syed Imran Ali.