IPO at PSX raises Rs3.84b

The Pakistan Stock Exchange (PSX) witnessed the third initial public offering (IPO) for fiscal year 2020-21 on Friday.

"The share issue of Agha Steel Industries consisted of 120 million ordinary shares or 20.83% of the total post-IPO paid-up capital of the company," the PSX said in a statement.

"The issue was offered through 75% (90 million shares) book building method and 25% (30 million shares) retail/ general public portion."

The floor price for the issue was set at Rs30 per share, it said. The book building phase of the IPO was held on October 6 and 7, 2020 whereas the retail/ public subscription phase took place on October 14 and 15, 2020, the statement said.

"Investors have reposed strong confidence in the company with the book building phase resulting in oversubscription at 1.63 times," said the statement.