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ipo's pakistan

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ipo's pakistan

  1. 1. IPOs in Pakistan
  2. 2. • The first time sale of stock to the public, called initial public offering (IPO) is meant for raising funds after listing of the company on the stock market(s) and issuing prospectus and meeting other legal formalities as prescribed under the law.
  3. 3. IPOs in Pakistan during 2005 - 2013 No of years • 2005 14 • 2006 5 • 2007 9 • 2008 10 • 2009 3 • 2010 5 • 2011 4 • 2012 3 • 2013 3 • 2014 5 (expected) No of companies
  4. 4. 2012
  5. 5. IPOs in the year 2012 • The stock market saw only three Initial Public Offerings (IPOs) in the year 2012. Since no other companies were noted to be ‘in process of formal listing’ or ‘provisionally listed’ on the KSE quotation sheet
  6. 6. Three IPOs in 2012 Next Capital with offer of 10 million shares, valued at Rs100 million TPL Tracker 30 million shares of Rs300 million Aisha Textile offering of 10 million shares valued at Rs100 million
  7. 7. low level of listing why?? • Analyst at brokerage Topline Securities mentioned that the current low level of listing was seen after six years; the number also compared unfavorably with the issues in the last 10 years. • Karachi Stock Exchange has performed exceedingly well as it has gained 48 per cent (38 per cent in dollar terms), outperforming all emerging and cash-rich markets of the world. So why did the corporates in need of cash avoid the capital markets? • “The reduced demand to raise capital from the market was on account of slowdown in economic activity,” say analysts.
  8. 8. Offerings and issues • During the year 2012, initial stocks worth Rs500 million ($5m) were offered .The figure comes up to just about one-tenth of the new stock offerings of Rs4.8 billion ($56m) the previous year. • The stock offer to the public was in the sum of Rs500 million ($5m). HNWI and local/foreign institutions were offered Rs275 million ($3m) through private placement and book building. • Out of the three incoming issues, I. Next Capital related to financial services; the offer was undersubscribed II. TPL was technology related and was oversubscribed by 1.2 times III. Aisha Steel was significantly oversubscribed by 2.7 times
  9. 9. 2013
  10. 10. All public offering after political change • All 3 IPOs of outgoing year 2013 took place after the PML (N) government came into power in May 2013. • It indicates investors’ confidence and high expectations with the incumbent government. • With capital markets a potent tool to raise capital, all 3 IPOs after the change of government show increased demand of fresh capital on account of expected uptick in economic activity, going forward.
  11. 11. IPOs in the year 2013 • During outgoing 2013, a total shares of worth Rs4.2bn (US$41.1mn) were offered to general public, HNWI (High Net Worth Individuals) and local/foreign institutions through IPO and book building, which is substantially higher than Rs500mn (U$$5mn) offered in 2012. Out of total amount Rs4.2bn offered in 2013: • Rs827mn (US$8.2mn) was offered to general public • Rs3.3bn (US$33.0mn) was offered to HNWI and local/foreign institutions through private placement and book building.
  12. 12. All 3 IPOs were oversubscribed 1. Lalpir Power Ltd.: Lalpir's principal activity is to own, operate and maintain oil fired power stations. Lalpir’s public offer was significantly oversubscribed by 6 times.(bids received for 170 million shares against an offer of 28.4 million shares) 2. The strike price determined via Dutch Auction Method was rupees 22 per share against a set floor price of rupees 15 per share. 3. Engro Fertilizer was chemicals related whereas Engro Fertilizer’s book building was oversubscribed by 2.9 times. 4. Avanceon Ltd. was from the technology sector. And Avanceon’s book building got oversubscribed marginally by 0.03 times
  13. 13. 2014
  14. 14. Upcoming IPOs in 2014 • Managing Director Aftab Ahmed Chaudary , LSE , stated in his interview with The Nation, that the equity market will see Initial Public Offerings of at least five companies in FY 2014.
  15. 15. Hascol Petroleum Limited IPO • Hascol was incorporated in March 2001 under the Companies Ordinance, 1984 to take advantage of the petroleum sector’s deregulation and undertake a program for owing, leasing and renting oil storage facilities as well as importing petroleum products for its own account. • The capital issue of the oil marketing company consists of 25 million ordinary shares – or 27.6% of the company’s post-issue paid-up capital – with a face value of Rs10 each. The book- building portion, which took place on March 4 and 5, comprised 18.7 million ordinary shares, or 75% of the total issue size, at strike price of Rs 56.5/share.
  16. 16. Hascol IPO cont.. • Referring to the remaining 25% of the total issue size, the public subscription was held in either the last week of March or the first week of April. This means roughly 6.2 million ordinary shares were issued to the general public at the rate of Rs56.5 per share • The company’s profit after tax in fiscal 2013 was Rs392 million. It increased at an annualised rate of over 40% during the last four years. • The objective of the issue is to inject additional equity into the company for the completion of Machike storage facility in Sheikhupura and for setting up new retail outlets across Pakistan.