Correction: International Steels IPO

The Express Tribune inadvertently reported the International Steels received Rs150.8m for its initial public offering.

KARACHI: In Friday’s edition of The Express Tribune, we inadvertently reported that International Steels received Rs150.8 million for its initial public offering, instead of subscription requests for 150.8 million shares. The book-building exercise received a huge response as the bid volume came out 2.4 times higher than the initial offer of 61.87 million shares, says the company in a press release. The strike price of the share has been determined at Rs14.06 per share against the offer price of Rs12.9, with approximately 140 per cent of its face value.



Published in The Express Tribune, April 17^th, 2011.