IPAK makes its debut on PSX

Applications totalling Rs2.54b received against base issue size of Rs1.47b

KARACHI:

International Packaging Films Limited (IPAK) was officially listed on the Pakistan Stock Exchange (PSX) during a simple gong ceremony held on Monday. This event marked the commencement of public trading of the company’s shares on the bourse, providing shareholders with a platform for the exchange of shares.

IPAK had previously raised equity financing worth Rs1.76 billion by selling 70.10 million shares at Rs25.20 per share last month. The book-building phase of the initial public offering (IPO) generated significant interest from investors, resulting in oversubscription of the issue by a factor of 1.73 in terms of value. The strike price of Rs25.20 per share was determined during this phase, said a press statement released by PSX.

The PSX received applications totalling Rs2.54 billion, exceeding the base issue size of Rs1.47 billion, thus oversubscribing the issue.

During the gong ceremony, Farrukh Khan, the Managing Director & CEO of PSX, expressed pride in welcoming International Packaging Films Limited to the paper and board sector of the exchange.

He commended the company for its innovative contributions to the packaging industry and acknowledged the confidence shown by investors in the governance and strategic direction of IPAK.

Khan also praised IPAK for extending a discount to small retail investors, urging other companies to follow suit to broaden and diversify their investor base. He highlighted the opportune moment for companies to list on PSX, citing the strong performance of Pakistan’s capital market and its ample liquidity for eligible companies. He underscored that the stock exchange provides a viable alternative to high-cost bank borrowing, attracting a large number of investors and facilitating global business and investment outreach for listed companies.

Naveed Godil, CEO of IPAK, highlighted the company’s position as the largest packaging films company in the country, renowned for its innovation, quality, and customer satisfaction. He noted that IPAK offers a wide range of packaging solutions catering to various industries, including food and beverages, pharmaceuticals, and personal care.

Published in The Express Tribune, June 4^th, 2024.

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