The book building process for the sale of 20 percent remaining shares of Pakistan Stock Exchange (PSX) commenced from Tuesday. The shares of the PSX are being offered to high net-worth/institutional investors and the retail investors at a floor price of Rs 28 per share. So far, bids for 19 million shares worth Rs 530 million have been received.
The quantum of public offering is 160 million shares. The issue is being offered via book building process to institutional/high net-worth individual investors. However, the 25 percent of the offer size, ie, 40.074 million shares will be offered to the retail investors at the strike price determined through the book building mechanism and any shares that remain unsubscribed by the general public shall be allocated at pro-rata, to successful investors as per the book building process.
The divestment of shares of Pakistan Stock Exchange is a historic event and provides great opportunity to investors to acquire shares of the country's only stock exchange. This offering to the public is taking place after the Chinese-led Consortium bought 40 percent of the PSX shareholding at a price of Rs 28 per share. This public offering will be second offering of securities exchange in South Asia after Bombay Stock Exchange that offered shares to the public four months back and which was highly oversubscribed.
The details/procedure for applying for the shares is available in the offering document published by the exchange, which can be accessed through PSX website, ie, www.psx.com.pk as well as the websites of lead consultant and joint consultants of the issue. The registration of eligible investors has already commenced wef June 1, 2017 and will close on June 7, 2017. The bidding period dates are June 6 and June 7, 2017 from 9 am to 5 pm.
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