KARACHI: Adding to the momentum of the already-swelling IPO wave in the country, International Packaging Films Limited (IPAK), a leading name in the packaging industry of Pakistan, is set to roll-out its Initial Public Offering (IPO) following the nod from the Security and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) on its listing application.

The Company intends to raise Rs 2.159 billion through the IPO with an offer of 63.5 million ordinary shares at the PSX.

IPAK was founded in 2015 as a green field project but started its commercial operations in 2017, emerging as a pioneer of the five-layer Biaxially Oriented Polypropylene (BOPP) Films in Pakistan. Recently, the Company has also ventured into the manufacturing and selling of Cast Polypropylene (CPP) Films through a wholly-owned subsidiary, Cast Packaging Films (Private) Limited (CPF).

Commenting on this initiative, Naveed Godil, CEO IPAK Films said that the proceeds from this issue will be used for expansion purposes and enable IPAK to transform itself into Pakistan’s biggest producer of flexible packaging films of all major kinds including BOPP, CPP and BOPET. “The main idea behind this issue is to expand our footprint in the industry and better cater to the emerging quality needs of the market,” he added.

“Within a short span of four years, IPAK has emerged as a leading player in the local industry – thanks to our dedicated workforce and our Company’s commitment to provide quality-oriented products and services to our customers. Our aim is to become the leading player of the local market and efficiently meet the increasing demand of packaging films across Pakistan, as well as, increase our footprint globally and provide one-window packaging solutions to all our customers,” he said.

Packaging demand across Pakistan has seen an extensive growth over the last five years and is expected to grow at a much faster rate in the coming years. According to recent market researches, Pakistan represents the largest growth opportunities for flexible packaging suppliers through to 2026 despite the disruptions caused by the global pandemic. With its planned expansion, IPAK aims to leverage this future growth to contribute the maximum share to the national economy and create substantial value for its investors.

Copyright Business Recorder, 2022