PSX marks Air Link list managed by JS Global in gong ceremony
KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday struck a celebratory gong to mark the listing of Air Link Communication Limited, managed by JS Global Capital, in an internal ceremony, according to a statement.
The listing became the largest private sector IPO (initial public offering) in Pakistani capital market history, valued at Rs 6.43 billion at strike price.
JS Global Capital Limited was the lead manager and bookrunner of the issue. The company has been listed on PSX as of September 22, 2021.
The issue consisted of 90 million ordinary shares which were offered 100 percent through the bookkeeping method at a floor price of Rs65 / share. Bidders were allowed to place bids for 100 percent of the size of the issue.
However, successful bidders received only 75 percent of the issue size, or 67.5 million shares, and the remaining 25 percent, or 22.5 million shares, were offered to individual investors.
The company received a total stake of Rs 10.73 billion against the issue of Rs 5.85 billion at the floor price, thus being 1.8 times oversubscribed. A large number of investors participated in the bookbuilding process and out of 518 bidders, 388 investors were declared winners.
Addressing the ceremony, Air Link Communication CEO Muzzaffar H Piracha said: the story “.
“This is a proud moment for the mobile industry as well as for Air Link as the first telecommunications company in Pakistan to be listed on the PSX.”
Piracha said this would allow Pakistan to reduce the import bill of mobile devices and help earn foreign exchange through the export of mobile devices.
“We are working in line with Prime Minister’s ‘Make in Pakistan’ vision to reduce our dependence on imported commodities and move towards a sustainable, export-driven economy. “
Not only would this help us reduce the trade deficit, but also create employment opportunities for the people of our country, the Air Link chief said.
Speaking of the successful IPO, PSX Managing Director and CEO Farrukh H Khan said, “I congratulate Air Link and all stakeholders involved in this IPO for successfully completing the largest IPO in the world. Pakistan History Private Sector Fellowship ”.
“I would also like to congratulate JS Global for successfully leading the management of this historic IPO. We are delighted to welcome Air Link to PSX.
Farrukh said this would allow local and foreign investors to gain exposure to Pakistan’s rapidly growing technology and communications sector.
The retail part of the IPO also received a huge response, the statement said. Requests for 25.9 million shares have been received for an issue size of 22.5 million shares. The retail part of the Issue was thus oversubscribed by 1.15 times. Air Link raised these funds to meet working capital requirements, which would increase its sales volumes.
JS Global Capital Ltd CEO Muhammad Kamran Nasir said, “JS Global has set the bar high for the industry with flawless execution of Pakistan’s largest private sector IPO.”
“This says a lot about our strength as an investment bank and our distribution capacity.” Nasir said local capital markets were undergoing a historic transformation,
which would lead to more listings and growth of the investor base through digital integration.
“I would also like to thank the Honorable Prime Minister Imran Khan for introducing the new mobile phone policy and facilitating the industry to improve Pakistan’s exports. I would also like to congratulate Muzzaffar H Piracha for his leadership and commitment to build Air Link, one of the largest cell phone assemblers and distributors in Pakistan, ”said the CEO of JS Global.