Pak Agro to Be First to IPO on Pakistan’s Small-Business Bourse
(Bloomberg) -- Pak Agro Packaging Ltd. aims to sell shares this month that will make it the first to list on a new bourse for small businesses in Pakistan.
The Islamabad-based firm plans to sell 8 million shares -- 40% of the company -- on the Pakistan Stock Exchange’s Growth Enterprise Market Board, said Syed Khurram Shahid, head of investment banking at AKD Securities Ltd., financial adviser to the transaction. The target range is 22.5-31.5 rupees a share with the price to be finalized through bookbuilding next week.
The initial public offering comes amid a record run of listings in the South Asian nation, which is expected to gather pace. About four companies are at an advanced stage to list on the GEM Board, Farrukh Khan, chief executive officer at the Pakistan Stock Exchange, said in an interview last month.
Pak Agro makes nets, bags and awnings. It will use some of the funds for a new factory. Safdar Ali Butt, chairman at Pak Agro, confirmed the share sale plans.
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