ISLAMABAD, July 17: All is set to open the Initial Public Offer (IPO) of 10 per cent (68.6 million shares) of Pakistan Petroleum Limited at the rate of Rs55 each for four days beginning on July 19.

The price of PPL IPO is inclusive of the transfer fee, which means that the discrimination made between those subscribing through the Central Depository Company (CDC) and otherwise will not apply in this case.

In earlier IPOs, it will be recalled, a transfer fee of 15 paisa each had been prescribed for physical possession of shares and none for CDC option.

Nevertheless, the prospective investors have been advised to open their individual accounts with CDC prior to subscription period.

The incentive promised in this case would be early delivery of shares with the possibility of such subscribers having a time margin of one month during which to dispose of shares and earn profit thereon.

The Privatization Commission has announced that in the event of over-subscription additional 5 per cent shares would be made available under green-shoe option.

The minimum number of shares that can be applied for is 500. Those desiring to subscribe for more than that would have to do so for multiples of 500 shares. Those applying for the single unit of 500 shares would be given preference on the assumption that they are small investors.

The Privatisation Commission has also designated the banks which have been authorized to receive subscriptions for PPL shares.

According to the policy announced by the Privatization Commission, in case of joint CDC accounts, the minimum number of applications that can be filed in such accounts is four.

Such applicants will be required to submit separate application for each or joint account holder along with attested copy of the applicant's CNIC.

Ordinarily, they are required to attach attested copy only of CNIC along with application form. In case, however, the applicant has applied for the CNIC, attested copy of old NIC with acknowledgement receipt of the application for CNIC must be attached.

The application forms can be downloaded from the Privatization Commission's website www.privatisation.gov.pak. These are also being published and will be available on July 18 in the national and regional dailies. Photo copies of these forms are also acceptable.