KARACHI: The Organic Meat Company Limited (TOMCL), one of the largest halal meat processing companies in Pakistan successfully raised Rs800 million by offering 40 million shares at the strike price of Rs20 per share - fetching a premium of Rs2 per share over the floor price.
The Company managed to raise interest of Rs1.37 billion with an oversubscription of 1.9x against the initial issue size of Rs720 million.
"The Company received a very strong response with widespread participation from both domestic and foreign institutional investors," said Muhammad Farid Alam, CEO AKD Securities Limited - Book Runner to the Issue.
This Issue is a milestone in itself as it drew strong response amidst pandemic situation and TOMCL being the first IPO of the year 2020, he added.
"The investor response is promising and paves the way for future IPOs," said Wajid Hussain CEO Intermarket Securities - Consultant to the Issue.
TOMCL holds the largest market footprint for export of halal meat, exporting its products to almost 15 countries at present. With an extensive range of products, the Company also has one of the largest product lines in the meat sector of Pakistan.
The IPO proceeds should enable the Company to pursue a high growth trajectory, earning valuable foreign exchange for the country. The retail portion subscription start on July 14th, 2020 and end on July 16th, 2020.
Copyright Business Recorder, 2020
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