Trading in Citi Pharma shares to commence on Friday

The Pakistan Stock Exchange (PSX) notified on Thursday the listing of Citi Pharma Limited with effect from Friday, July 9, 2021.

The PSX, in the notice, said that trading in the shares of the pharmaceutical company will commence on the Exchange’s Main Board from Friday, July 09, 2021 and shall be settled on a T+2 basis. The first settlement date will be Tuesday, July 13, 2021.

The Market Lot of the Company will be 500 shares of Rs10/- each.

An interview with Rizwan Ahmad Sheikh, CEO, Citi Pharma Ltd.

It added that the shares of the Company have already been declared an eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL).

It said that NCCPL has assigned “CPHL” to the Company as their Company Code / Security Symbol.

The PSX notice said that the Opening Price of the shares of the Company will be PKR 32/- per share, as determined through the Book-Building process when the Company was going public.

IPO oversubscribed: Citi Pharma raises Rs2.32bn in book building

Last month, the book-building process of Citi Pharma’s Initial Public Offer (IPO) concluded with the share being oversubscribed 2 times. “The IPO received an overwhelming response from institutional investors and high-net worth individuals as the strike price clocked in at Rs 32/share, 14.3 percent higher than the floor price of Rs 28,” the manufacturer said.

Citi Pharma raised Rs 2.32 billion in total, making it the second pharma sector IPO in 23 years.

“The response to book building was far better than our expectations,” said Mohammed Sohail, CEO at Topline Securities.

Several brokerages had issued almost unanimous calls to ‘subscribe,’ which resulted in investor demand amounting to Rs 4 billion against the IPO’s book-building size of Rs 2 billion.