Friday, September 17, 2021

Octopus receives record high bids on first day - The Express Tribune

Last updated Friday, September 10, 2021 00:19 ET , Source: TopWireNews

Octopus Digital has received huge interest from investors, as it got record eight-time high bids for its 27.35 million shares on sale on the first of the two-day book-building process at the Pakistan Stock Exchange (PSX) on Thursday.
The tech company received bids for 212.12 million shares from investors against its offer for sale of 27.35 million shares only, receiving overwhelming response of 7.75-multiples from institutional and high net worth individual investors.
Besides, the tech firm hit upper limit of Rs40.6 per share on first day of the auction (book building).
The company opened bidding at minimum price of Rs29 per share, which was allowed to go as high as 40% to Rs40.6 per share as per prevailing rules.
“This is the first initial public offering (IPO) by a tech company after a gap of seven years at PSX,” Lead Manager and Book Runner BMA Capital told.
Octopus Digital is a subsidiary of another tech firm Avanceon Limited listed at PSX.
“Our solutions using big data, artificial intelligence (AI) and machine learning are designed for collaborative real-time analysis to improve process efficiencies and help our customers transition into the Industry 4.0 era,” Octopus Digital Chairman and Avanceon Limited Fonder & CEO Bakhtiar H Wain was quoted by BMA Capital.
The IPO is aimed at raising investment in range of Rs793.5 million to Rs1.11 billion through sale of 27.35 million shares. The size of the investment depends on find of strike share price during the...

Read Full Story: https://tribune.com.pk/story/2319433/octopus-receives-record-high-bids-on-first-day

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