KARACHI: The second Initial Public Offering (IPO) of this year, scheduled to be floated on May 23 and 24, will be available for subscription through the Centralised eIPO System.

The electronic system of IPO has been launched after the approval of the regulators, Securities and Exchange Commission of Pakistan and the State Bank of Pakistan.

The Centralised eIPO System will be available for the upcoming IPO of Ittefaq Iron Industries Ltd. The book building for the company’s IPO was completed on May 18.

The development comes following the recently signed agreement between the Central Depository Company (CDC) and 1link (Guarantee) Ltd for Bill Payment System (BPS), as part of the Centralised eIPO System.

The significant feature of the new share offering at the Pakistan Stock Exchange is that the public can particpate through the internet and mobile banking.

Previously, investors had to fill out hand-written share application forms and stand in long queues at banks to submit their forms.

For those not able to work with the electronic system, the old Over the Counter (OTC) payment channel will also remain open.

“Pakistani expatriates who have accounts in Pakistan banks and are registered with CDC, can also participate through the Centralised eIPO, which will broaden prospect and create more depth in the local stock market,” said a spokesperson.

Published in Dawn, May 19th, 2017