Fatima Fertiliser offering 50 million shares

29 Jan, 2010

The Fatima Fertiliser Company Limited (FFCL) is offering 50 million shares to the general public at a price of Rs 13.50 per share, 4.26 percent discount to the Strike Price of Rs 14.10 per share, determined through book building. The subscription list will open on 29th January, 2010 at the commencement of banking hours and will close on 30th January, 2010 at the closing of banking hours.
The bankers to the issue, where applications can be deposited, are Arif Habib Bank Limited, Habib Bank Limited, Bank Alfalah Limited, Habib Metropolitan Bank Limited, The Bank of Punjab, JS Bank Limited, Bank Al-Habib Limited, MCB Bank Limited, Faysal Bank Limited, United Bank Limited and First Dawood Islamic Bank Limited.
In the first phase of initial public offering, ordinary shares of Fatima Fertiliser Company Limited have been allocated though the book building process to institutional investors, high-net-worth-individuals and employees of the company. An overwhelming response was received in the book building process as the issue was heavily oversubscribed with an amount of Rs 8 billion.
This was the highest ever subscription received by a private sector company in the history of Pakistan capital market. A total of 185 institutions have participated in the bidding process including Banks, DFIs, mutual funds, insurance companies, modarabas, welfare societies, brokerage houses and industries.
More than 600 local High-Net-Worth Individuals have participated in the bidding process from 13 cities of Pakistan. Foreign investors from USA, Switzerland, Germany, Kuwait, Abu Dhabi and Dubai have also participated. A total of 475 investors have been allotted shares.
The details of book building are as the offer size was 150 million shares and offer price was Rs 10 per share. The offer amount was Rs 1,500 million. The total bids received for 603.4 million shares and total amount collected was Rs 8,048.56 million. The strike price stood at Rs 14.10 per share.

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