KARACHI: International Packaging Films Ltd (IPAK) is set to roll out its initial public offering (IPO) following the nod from the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange (PSX) with respect to its listing application.

According to a statement released on Tuesday, the company intends to raise Rs2.16 billion by selling 63.5 million ordinary shares as part of the IPO on the PSX.

IPAK, which started commercial operations in 2017, emerged as a pioneer of the five-layer biaxially oriented polypropylene films in Pakistan. The company has recently ventured into the manufacturing and selling of cast polypropylene films through a wholly owned subsidiary, Cast Packaging Films Ltd.

“The main idea behind this issue is to expand our footprint in the industry and better cater to the emerging needs of the market. Its proceeds will be used for expansion purposes,” said CEO Naveed Godil.

Published in Dawn, February 16th, 2022