KARACHI: The Pakistan stock market saw a thriving Initial Public Offering (IPO) market in the FY21.

In all eight equity offerings were witnessed during the year which raised Rs20bn, the highest sum mobilised by corporates in 14 years — the previous best was 12 transactions in FY07.

The eight new listings included: The Organic Meat Company, TPL Trakker Limited, Agha Steel Industries Limited, Panther Tyres Ltd, Service Global Footwear Ltd, Citi Pharma Ltd and Pakistan Aluminium Beverage Cans Ltd. The eighth was a preference share issuance of Engro Polymer and Chemicals Ltd.

Head of Research at Arif Habib Ltd Tahir Abbas said that besides the equity offerings, Bank Alfalah Ltd issued a Term Finance Certificate (TFC) during the year to raise up to Rs11bn. “Hence, total capital raised via debt plus equity IPOs stood at Rs31bn in FY21”.

Published in Dawn, June 30th, 2021