KARACHI: The Pakistan Stock Exchange (PSX) conducted a gong ceremony on Monday to mark the listing of Panther Tyres Ltd.
Panther Tyres Ltd’s successful initial public offering was the fifth listing on the stock exchange in FY21 this fiscal year. The Gong was hit by PTL CEO Mian Faisal Iftikhar in the presence of PSX Managing Director Farrukh H. Khan.
The CEO & senior management of Arif Habib Limited, the Consultants to the Issue, were also present.
The Panther Tyres Ltd. issue composed of 40 million common shares, whereas bidders were allowed to put bids for 100% of the size of the issue using the book-building process.
Efficient bidders were unofficially assigned 75% of the Issue size or 30 million shares, while the remainder 25%, i.e. 10 million shares, were sold to institutional buyers.
The issue was provided at the point of the book building via a floor price of PKR 47/-per share (face value of PKR 10/-per share & premium of PKR 37/-per share) with a price band of 40 per cent above the floor price.
Mr. Farrukh Khan, stated on the occasion, that “It is a proud moment for Pakistan Stock Exchange that yet another company has successfully completed its IPO and has been listed on the Stock Exchange. I congratulate Panther Tyres Limited for their successful book building which attracted a large number of institutional investors and high net worth individuals leading to effective price discovery.”
He further said, that “Panther Tyres is an important part of the industrial landscape of Pakistan; a landscape which PSX is focusing on to augment and enhance in order to strengthen the country’s economy. Pakistan Stock Exchange is at the forefront, working in tandem with the SECP and the Consultants, to facilitate and encourage companies to raise capital through the Stock Exchange which is not only a welcome and positive development for investors and other market participants but also for the economy of Pakistan as a whole”.
Panther is one of the pioneers of the tyres and tubes industry across Pakistan.