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KARACHI: AGP Ltd, a pharmaceutical company in the fold of OBS Group, has raised Rs2.8 billion from foreign institutional investors, local institutions and general public.

At the gong-ringing ceremony at the PSX on Monday that signalled the start of trading of company’s stock, AGP Ltd share price quickly hit the upper circuit of 5 per cent to take the stock price to Rs84, from the offered price of Rs80 a share.

Chief Executive of JS Global, Kamran Nasir, the managers and consultants to the AGP share offering affirmed that AGP’s quest for more acquisitions and mergers would give a further foothold in new products to the company.

AGP Limited is the second company to seek stock market listing in 2018, after Matco Foods’ entry earlier this year.

PSX Chairman Munir Kamal, speaking from Dubai, told Dawn that sponsors had to put new listings on hold in the past due to the absence of a conducive environment. He said that confidence was now sinking into the hearts of companies that wish to mobilise capital from the stock market.

“There is a long list of prospective entrants to PSX as things have improved on the political and other areas,” he added. He showed particular enthusiasm for pharmaceutical companies making their way into the equity market and reminded that contrary to the past dominance of multinational pharmaceutical companies, the local pharma firms have been able to secure 70pc market share.

AGP Ltd offered 35 million shares (12.5pc of the company capital) to foreign and local high net-worth institutional and individual investors through book building and initial public offering in February.

Published in Dawn, March 6th, 2018