KARACHI: Leading exporter of Halal meat from Pakistan and market leader in the value added segment -The Organic Meat Company Limited - has closed its Book Building which was Pakistan first IPO after 15 months.

In spite of corona-led economic contraction, investor response was far better than expectations.

Bids of close to Rs 1.4 billion received in first phase of offering to qualified investors. As many as 68.1 million shares bids were received for 40 million offer. Retail offering will be done next week.

Strike price of the issue was Rs 20 which is Rs 2 higher than floor price

Leading local and foreign investors along with high net worth participated in the bidding.

Mohammed Sohail, who was consultant to this deal, said that there is always demand for quality businesses run by experienced management.

"Despite economic contraction and lockdown, we saw good participation by local and foreign investors which bodes well for future IPOs at PSX", he said.

Copyright Business Recorder, 2020