Awards-2017/2018: IPO MARKET DEVELOPMENT

1. Top IPO/ SPO/ Share Placement Lead Manager Award - Arif Habib Limited
In capacity of Lead Manager, AHL executed six transactions during the year 2017/2018, raising PKR 9.9 billion. These transactions included the i) Initial Public Offering of Roshan Packages Limited, ii) Offer for Sale of shares of Pakistan Stock Exchange Limited, iii) Initial Public Offering of Orient Rental Modaraba, iv) Initial Public Offering of Matco Foods Limited, v) Initial Public Offering of Pakistan's first ever Additional Tier I Capital (Perpetual Debt Instrument) of Bank Alfalah Limited under Basel III, and vi) Initial Public Offering of At-Tahur Limited. AHL was the sole Lead Manager for all of these IPOs.
2. Top IPO / SF0 / Share Placement Financial Adviser Award - JS Global Capital Limited
JS Global executed the Offer for Sale of AGP Limited, the largest Pharmaceutical Sector IPO in Pakistan. The book building was subscribed 160% despite the adverse market environment and foreign institutional participation was close to 20% which was unprecedented in IPOs in Pakistan.
3. Top IPO/SPO Book Runner Award - Two Entities
A. Topline Securities Limited
Topline Corporate Finance & Advisory was mandated by a Noor Financial Investment Company, Kuwait to act as the lead Advisor and Book Runner place for the placement of a stake of 10% worth PKR 7.4 billion. Topline also conducted the valuation of the Company and solicited investor interest & successfully managed to place the shares to a diversified pool of international institutions and placed MEBLs shares in quick succession along with the Book Running.
B. BMA Capital Management Limited
BMAs contribution to IPO market development came in the form of Book Running for the Offer for Sale of Shares of AGP Limited. The transaction, which was the largest equity listing in FY 2018, and CY18-to-date, raised PKR 2.8 billion or approximately 61% of total funds raised from equity listings during the year. The transaction received an overwhelming response, being successfully subscribed by 1.6 times in a predominantly bearish market.
4. Innovative IPO Instrument Award - Arif Habib Limited
The Initial Public Offering of Bank Alfalah Limited - Additional Tier I Capital (Perpetual Debt Instrument) required an innovative transaction structure because the offering: i) was the first ever IPO of a perpetual debt instrument issued by a bank on the Pakistan Stock Exchange, ii) was the first ever IPO of an unsecured debt with no put option with the investors issued to the Pre-IPO investors and the general public, iii) the IPO paved way for listing of such instruments with banks like United Bank Limited gearing up for listing of its Additional Tier I Capital (Perpetual Debt Instrument) on the PSX.
5. Islamic Instrument IPO/SPO Award - Arif Habib Limited
AHLwas the sole Lead Manager for the Initial Public Offering of Orient Rental Modaraba. The Offer comprised of a public issue of PKR 150 million Modaraba Certificates (30% of total Modaraba paid up fund) with an additional Green shoe option of PKR 250 million. The transaction received an overwhelming response from both institutional and retail investors and was oversubscribed by 3.7x.
6. Award for Maximum Mutual Fund IPOs - UBL Fund Managers
UBL Fund Managers offered a total of 16 fund in the form of IPO during 2017/2018. Which were the highest amongst all Asset Management Companies in Pakistan. UBL Fund Manager believes in contributing to a strong national economy by encouraging saving and promoting financial inclusion through offering a range of innovative and customized investment solutions for all types of investors.
7. IPO / SPO Business Development Award for Institutional Contribution - Two Entities
A. JS Global Capital Limited
JS Global conducted various investment conferences and road shows in Europe. Asia and USA attracting 20% foreign institutional money in the office for Sale of AGP Limited which was unprecedented in IPOs in Pakistan. The institutional investors subscribed 84% of the total Offer.
B. Treet Corporation
Treet Corporation has the unique honor of having signed up and applied for a number of market transactions involving innovative fund-raising techniques for its various group companies as well as new projects. In this respect, two IPO applications have already processed upto PSX involving the listing of two of its associated companies - Renacon Pharma Limited, and Hi-tech Alloy Wheels Limited, which is a green field project. Furthermore, the company is also in the process of making two other capital raising initiatives through the offering of Treet Perpetual Sukuk, and Treet's Preference Shares.
8. IPO Business Development Award for Individual Contribution - 3 Individuals
A. Mr. Muhammad Kamran Nasir, CEO, JS Global Capital Limited
Mr. Kamran Nasir has made tremendous efforts for the development of IPO market in Pakistan. He was able to execute the largest IPO of a Pharmaceutical Company (AGP Limited) in the history of Pakistan's Capital Market despite adverse market environment.