The First National Equities will sell Rs 125 million of shares to general public, raising its paid-up capital to Rs 500 million.
This was stated by First National Equities Chief Executive Saeed Ahmed Bajwa at a presentation held here on Wednesday at the Karachi Stock Exchange.
He said that the company was incorporated as public limited company on October 3, 1994. It is a corporate member of the KSE and registered as a brokerage house under the Brokers and Agents Registration Rules 2001 with the Securities and Exchange Commission of Pakistan (SECP).
The public subscription would open from September 28 to September 29.
Bajwa said that the company's area of operation would be brokerage and trading of equities, investments, corporate finance and research.
The total paid-up capital was Rs 500 million, out of which the sponsors share was Rs 125 million, while pre-initial public offering is of Rs 250 million, meaning investment from Security Leasing Corp is Rs 25 million, First Dawood Investment Bank Rs 20 million, Crescent Standard Investment Bank Ltd, Rs 15 million and Rs 10 million each from Pak Oman Investment Co, Pak Kuwait Investment Co, and Kaukab Mir Memorial Welfare Trust.
The company intends to build a nation-wide retail brokerage and portfolio management operation, utilising branch offices as well as the Internet trading. This is in line with the overall policy of the SECP, which in collaboration with the stock exchanges of the country keen to create infrastructure for retail investors.