KARACHI, Aug 7: The Initial Public Offering (IPO) of shares in Habib Bank Limited (HBL) has been over-subscribed by Rs6.40 billion or 52 per cent with the bank receiving Rs18.60 billion against the public offer of Rs12.20 billion, the Karachi Stock Exchange announced on Tuesday, forwarding a copy of the detailed figures released by the lead managers.

Analysts hold a consensus view that the public response to the stock has been overwhelming. Given the huge number of applications received, each applicant, who wins at the ballot to follow, would be entitled to no more than 100 shares.

The government had made an IPO of 7.5 per cent shares (including green shoe option of 2.5 per cent) out of its holding of 49 per cent in the bank, in the last days of July.

The total 51.75 million shares were offered at Rs235 per share. The IPO has been billed as the largest-ever offering in Pakistan in regard to both value and number of shares offered. Against the offer price of Rs235 per share, the stock was trading on the KSE’s provisional counter at Rs323 on Friday (the last value before trading was suspended).

The Privatisation Commission offered the bank’s stock in lots of 100 and multiples of 100 up to 500 shares, thereafter multiples of 500 shares. The number of subscribers was thought to be 517,000 with an investor in 100 shares putting in Rs23,500 for each application of 100 shares.