KARACHI: The year’s first Initial Public Offering (IPO) of The Organic Meat Company Limited — the halal meat exporter — closed the book-building process on Tuesday.

Mohammed Sohail, CEO of Topline Securities — which is consultant to the issue — informed that bids around Rs1.4 billion were received in first phase of offering to qualified investors. Bids for 68.1m shares were placed as against offer of 40m.

The first offer of shares at the PSX after a dry period of 15 months was oversubscribed by 1.7 times. Strike price of the issue worked out at Rs20 which is Rs2 higher than floor price. The offer of balance shares would be made to retail investors next week from July 14 to 16.

Published in Dawn, July 8th, 2020