KARACHI: Pak Agro Packaging Ltd (PAPL) is going public by offering its shares on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange (PSX) to raise an amount ranging from Rs180 million to Rs252m.

According to AKD Securities, which will act as adviser and book runner for the offer, the PAPL is going to be the maiden listing on the GEM Board, which is designed primarily for growth companies that are exposed to higher investment risk, including liquidity risk, than the more established firms listed on the main board of the PSX.

The company will offer 8m shares — 40 per cent of post-issue capital — through an initial offer at the floor of Rs22.50 per share with a cap of Rs31.50 per share.

The issue will be offered entirely via book building to accredited investors who have net assets of at least Rs5m.

Published in Dawn, October 21st, 2021