Irfan Khan
Irfan Khan

KARACHI: As many as nine listings on the Pakistan Stock Exchange (PSX) generated a total of Rs30.92 billion in 2021, data obtained from the Securities and Exchange Commission of Pakistan showed.

Eight companies raised equity amounting to Rs19.9bn while Bank Alfalah Ltd listed its Rs11bn debt instrument on the PSX in the last calendar year.

Two of the nine listings were on the PSX’s newly established Growth Enterprise Market (GEM) counter, which is reserved for companies that are smaller and riskier than the ones listed on the main board. These two listings were of Pak Agro Packaging Ltd and Universal Network Systems Ltd, which generated Rs198 million and Rs445.7m, respectively.

The largest equity-generating listing in 2021 was of Airlink Communications Ltd (Rs6.4bn), followed by Pakistan Aluminium Beverage Cans Ltd (Rs4.6bn), Panther Tyres Ltd (Rs2.6bn), Citi Pharma Ltd (Rs2.3bn), Service Global Footwear Ltd (Rs2.1bn) and Octopus Digital Ltd (Rs1.1bn).

In addition, transactions of “further issue of capital” on the PSX amounted to a total of Rs61bn in 2021. These included right issues (Rs33.3bn), preference right issues (Rs1.9bn), other than right issues (Rs25.19bn) and employee stock options (Rs450.7m).

Speaking to Dawn, PSX Managing Director Farrukh H. Khan said 2021 witnessed an IPO revival after many years of subdued capital formation on the national bourse. “The number of listings was minimal for some time. Despite a challenging environment and Covid-19–induced lockdowns, I’m happy that we were able to revive the IPO window,” said Mr Khan.

He went on to say that up to five new IPOs are expected before the end of 2021-22 on June 30. “I won’t use the word ‘record’ as we had a lot of IPOs back in the 1990s. But I’m confident that the ongoing fiscal year will see the highest number of IPOs in recent history.

I expect four to five IPOs, or maybe more, by the end of June,” he said.

In addition, two to four new listings on the GEM counter are also expected in the next few months, he added.

Given that four listings have already taken place on the main board and two on the GEM counter since the beginning of 2021-22, the number of new offerings can go up to as high as 13 in the current fiscal year.

“We’ve received many applications. Depending on the macro-economic situation, we expect a lot of activity in coming months,” said Mr Khan.

Published in Dawn, January 16th, 2022

Opinion

Editorial

Updated 20 May, 2022

TTP peace talks

ANOTHER attempt to sue for peace with the outlawed TTP is being made, again facilitated by the Afghan Taliban that...
20 May, 2022

Beyond the law

THE senior judiciary should take care not to overreach in its zeal to ‘fix’ issues it ideally need not worry...
20 May, 2022

Political musical chairs

YET another political crisis is brewing in Balochistan, where old rivals Jam Kamal Khan Alyani and Sardar Yar...
Updated 19 May, 2022

To be or not to be

The same decision taken weeks or months from now will have far more devastating consequences.
19 May, 2022

Impact on Punjab

THE Supreme Court judgement interpreting the issue of disqualification of parliamentarians under Article 63A of the...
19 May, 2022

Forest fires

THOUGH spot and forest fires have become a perennial phenomenon especially in peak summer, the recent blazes —...