ISLAMABAD, Feb 23: The Privatization Commission has confirmed that applicants submitting applications for Kapco shares along with pay orders do not have to get their bank account details verified from their banks.

The account details would appear only on the application form and no verification would be needed in a bank for applying through that bank/branch, says a handout issued here on Wednesday.

However, the applicant should have an account in some bank to facilitate refunds in cases of unsuccessful applications. The State Bank governor and heads of major banks have issued necessary instructions to their respective regions. They have been asked to obtain the details of NIC, bank name/branch and account number and not to ascertain any additional information from the applicants.

The initial public offering (IPO) of Kapco shares opened on February 21 and will enter the fourth and final day of subscription on February 24 (Thursday). No extension in subscription date will be made.

Kapco shares are offered at Rs30 per share with a total investment of Rs15,000 only for 500 shares. The price for Kapco IPO is inclusive of the transfer fee and thus no additional transfer fee will be charged.

The third day of Kapco shares subscription also received enthusiastic and overwhelming response from the general public and long queues were witnessed outside the branches of bankers to the offer in all major cities and rural areas of the country. The sale of 20 per cent (176 million) Kapco shares will benefit around 316,000 common citizens.