Pakistan Stock Exchange held “Gong Ceremony” on the listing of Agha Steel Industries Ltd. (ASIL). The ceremony is being considered an important milestone for PSX as it is its third listing for the 2020-21 fiscal year despite economic recession and COVID19. The listing follows the successful initial public offering of Agha Steel Industries Ltd., which became the largest public offering in the country’s steel sector.
The Gong Ceremony was attended by Mr. Suleiman S. Mahdi, chairman of PSX BoD, along with other board members. Mr. Farrukh Khan, CEO of PSX; Hussein Agha, CEO of Agha Steel Industries Ltd. Mr. Shahid Ali Habib, Chief Executive Officer of Arif Habib Ltd.. Arif Habib was the Arranger and Book Runner for the IPO.
Speaking on the occasion, Pakistan Stock Exchange CEO Mr FarRukh Khan said, “I would like to congratulate Agha Steel on a very successful IPO and welcome them to PSX. The successful initial public offering and listing of Agha Steel Industries Limited once again demonstrated the depth and liquidity of the market. This is the third listing of the company on the Pakistan Stock Exchange in fiscal 2021. We expect more listing on stock exchanges in the near future. We are confident that with the recent simplification of listing rules on the GEM Board of PSX, midsize companies will emerge and Will also be listed. “
Speaking about listing his company on the Pakistan Stock Exchange, Agha Steel CEO Mr. Hussein Agha said: “It is a great honour and privilege for me to be listed on the PSX, I would like to take this opportunity to thank all partners who share the trust that they have shown to Agha Steel Industries. The IPO should make our expansion plans a reality and introduce Pakistan to Asia’s first DRB steel mill. We will do our best to continue our path to prosperity and ensure the sustainable growth of our shareholders. ”
Speaking on this occasion, the CEO of Arif Habib Ltd., Mr. Shahid Ali Habib, said: “I am delighted that Agha Steel Industries Ltd., one of the largest steel companies in Pakistan, is listed on the Pakistan Stock Exchange. This is a moment of pride for us at Arif Habib. Ltd. to facilitate this journey for the company.
It was the largest initial public offering (IPO) of Iron and Steel in Pakistan. A total of 298 investors participated in the Book Building and over 5,200 participated in the IPO. In terms of cost, book building was oversubscribed 1.6 times, and IPO – 1.3 times.
The market and investors have shown strong resilience following the easing of Covid-19 isolation, and Arif Habib Limited remains poised to invite several other companies for listing in the next few months.
The ASIL issue consists of 120 million ordinary shares or 20.83% of the total paid-up share capital following the company’s IPO. The issue was placed through 75 per cent (90 million shares) book building and 25 per cent (30 million shares) public. ASIL raised a total Rs 3.84 billion against the target of Rs 3.60 billion through the IPO.