The Securities and Exchange Commission of Pakistan (SECP) has allowed Mughal Steel to issue 27.35 million shares to the general public and thereby become a listed company at the stock exchanges. The book building is scheduled on February 16.
It has been decided that the representatives on the three stock exchanges will be deputed at the bid collection centres. The book building portion of the offer comprise 75 percent of the offering (ie 9.75 million ordinary shares) offering to institutional investors and high net worth individuals through book building, whereas the remaining 25 percent of the offer (3.25 million shares) will be offered to the general public at a strike price determined during the book building process.
Mughal Iron and Steel Industry Limited has been in the industry for over 50 years, and is the largest manufacturer of long rolled iron and steel products in Pakistan. Over the years, the company has emerged to be recognised as the most innovative, efficient and diversified steel manufacturers of Pakistan.
Throughout its history, the company has continued to prioritise investment in cutting edge technology to ensure a very high quality product range. Through the upcoming public offering, Mughal Steel plans to raise funds between Rs 547 million to Rs 929 million in order to acquire a new furnace and to balance modernise and replace its existing manufacturing facilities. The new furnace will be installed in continuation of the existing production facilities to reduce overall cost of production and will have an annual production capacity of 144,000 MT.
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