The formal listing of Hascol Petroleum at Karachi Stock Exchange (KSE) with a strike price of Rs 56.50 per share took place on Wednesday. Mumtaz Hasan Khan, Chief Executive Officer (CEO) of Hascol, ringed the bell to commence the trading at KSE. Chief Operating Officer (COO) of Hascol Salim Butt and MD KSE Nadeem Naqvi were also present at the occasion.
AKD Securities Limited acted as the lead manager, arranger and book runner for the Initial Public Offering (IPO) of Hascol Petroleum Limited. "Hascol Petroleum Limited has recently concluded its IPO for 25 million ordinary shares. The company issued 18.75 million shares in Book Building which was held on March 4 and March 5, 2014 at a floor price of Rs 20 per share while the strike price determined through the Dutch Auction method in the Book Building process was Rs 56.50 per share due to phenomenal and unprecedented response from institutional and high net worth investors," said Mumtaz Hasan Khan.
"The Book Building portion was oversubscribed by more than seven times, which makes Hascol the highest ever oversubscribed domestic Book Building in Pakistan's capital markets," he added. In his address at the ceremony, Nadeem Naqvi said, "This is a positive development for the equity market as Hascol is a rapidly growing company. Listing of medium size company provides good and new investment opportunities to the small investors."-PR
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