KARACHI: The book-building phase of the initial public offer (IPO) of Pakistan Aluminium Beverage Cans (PABC) concluded on Wednesday with the share oversubscription of 3.3 times.

The strike price, determined on the basis of investment appetite from institutional players and high-net worth individuals, clocked in at Rs49 per share.

That was 40 per cent higher than the floor price of Rs35.

The sale of shares has generated Rs4.6 billion for PABC, which makes it the country’s second largest IPO in the private sector.

Several brokerages had issued almost unanimous “subscribe” calls that resulted in investor demand amounting to Rs10.8bn against the book-building size of Rs3.3bn.

The general public will subscribe to 23.4 million shares — 25pc of the total offer size — on June 29-30 at the strike price.

Published in Dawn, June 24th, 2021