KARACHI, Oct 27: The WordCall Multimedia Limited proposes to float an Initial Public Offering (IPO) on November 7, with an offer of Rs132 million in shares to the general public.
The company already has paid-up capital of Rs398 million. A prospectus/offer for sale would be published on October 30.
If the issue goes through, it would be the third security to seek listing on the Karachi Stock Exchange this year. The first to appear on the corporate scene was offer of Rs100 million (1.250 million shares of Rs10 each issued at a premium of Rs70), representing 25 per cent shares by the stock broker Arif Habib from his personal stake in the firm — Arif Habib Securities Limited. The issue was over-subscribed by 4.3 times.
Earlier in October, Fayzan Manufacturing Modaraba had invited public subscription to its offer of Rs540 million; the issue attracted just about Rs6.1 million from the public and the unsubscribed portion was picked up by the underwriters.
The KSE has confirmed that the Board of the Exchange approved the provisional listing and quotation of shares of WorldCall Multimedia Limited consequent upon the approval of its prospectus and completion of relevant requirements under the Listing Regulations.
“The provisional listing shall take place from the date of publication of prospectus of the company in the newspapers i.e., October 30, till the day previous to the day of its being formally listed”, the Exchange said in a notification dated October 24.
The Exchange further stated that the trading and settlement of transactions in the stock would be in accordance with the provisions of the Provisional Listing Regulations of the Exchange as already notified and circulated amongst the members; the market lot of the company would be 500 shares of Rs10 each.
The Exchange said that in accordance with Clause 9 of the Regulations of trading in the provisionally listed companies, it had been decided that the maximum number of shares that could — at the close of any business day remain outstanding in the scrip of the company, in any member’s account should not exceed 1.320 million shares.
The trading in the shares of the company would take place through Karachi Automated Trading System (KATS) in accordance with the procedure notified vide Notice No. KSE/N-1089 dated March 15, 2000 under Regulation No.29 of the Regulations for Trading in Provisionally Listed Companies. And the outstanding business of all transactions done till the day previous to the company being formally listed on the Ready Board Quotation, should be transferred to the Ready Clearing at the final clearing rate for settlement through the Central Depository System of CDC on the settlement day as may be fixed by the Exchange while approving the formal listing of the company.