KARACHI: TRG Pakistan Limited has announced that its indirect portfolio company, IBEX Limited has announced the pricing of its initial public offering of 3,571,429 primary and 1,190,476 secondary common shares at a price of $19 per share. According to material information sent to Pakistan Stock Exchange, the underwriters have been granted a 30-day option to purchase up to an additional 714,285 secondary shares at the initial public offering price less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Market on Aug 7, under the ticker symbol 'IBEX,' and the offering is expected to close on Aug 11, subject to customary closing conditions.
TRG Pakistan's pro-rated stake in IBEX, at the time of pricing, is approximately Rs 18 billion (i.e. Rs 33/share). "The market expectations hinged on $20-22/share, based on company's expectations communicated earlier", an analyst at Topline Securities said. The pricing reflects a valuation of $330 million for IBEX Limited, he added.
Copyright Business Recorder, 2020
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