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Saturday, July 20, 2024

PSX chief hints at new wave of IPOs - DAWN.com

Last updated Friday, September 8, 2023 13:02 ET

KARACHI: Pakistan Stock Exchange (PSX) Managing Director Farrukh H. Khan said on Wednesday at least three initial public offerings (IPOs) are expected to take place soon as an increasing number of companies realise that raising funds through the shares market is more efficient than relying on high-cost bank borrowing.
Speaking to journalists on the sidelines of a gong ceremony to mark the IPO of technology company Symmetry Group Ltd, Mr Khan said the listing process of Fast Cables Ltd, a manufacturer of electrical cables and conductors, is in an advanced stage. Without naming the other two companies that’re moving ahead with their IPO plans, Mr Khan said the firms belong to the industrial sector.
The latest data obtained from the PSX shows the only company that’s currently applied for a listing is Treet Battery Ltd. In addition, the PSX has already approved “prospectuses” by as many as seven companies for the fresh raising of capital. These companies are Pakistan Reinsurance Company Ltd, International Packaging Films Ltd, Regal Automobile Industries Ltd, Secure Logistics Group Ltd, Searle Pakistan Ltd, Dalda Foods Ltd and Fast Cables Ltd.
Two of these prospectuses were approved back in 2021 while another two were green-lighted in 2022. Three companies received the PSX’s approval in 2023, excluding Symmetry Group Ltd, which has already been listed. The sponsors of these companies are waiting for an opportune time to float their shares preferably at a premium.
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