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Companies raised Rs35.4bn through IPOs, Right Issues at PSX in 2020

  • PSX witnessed four IPOs (including are preference share listing) during this year in spite of the COVID-19 outbreak, where the cumulative amount raised clocked in at Rs 8.4bn.
  • The IPOs were witnessed in sectors like steel, meat processing, telecom and chemicals.
24 Dec 2020

Pakistani companies raised Rs 35.4 billion in 2020 via Initial Public Offerings (IPOs) and Rights from Pakistan Stock Exchange (PSX), as compared to Rs 35.7bn raised in 2019.

As per the report released by Topline Securities, PSX witnessed four IPOs (including are preference share listing) during this year in spite of the COVID-19 outbreak, where the cumulative amount raised clocked in at Rs 8.4bn. The IPOs were witnessed in sectors like steel, meat processing, telecom, and chemicals.

The number of Equity IPOS of four this year, is the highest in the last 5 years, revealed the report. It said that in 2019 PSX witnessed just one IPO of Rs 5bn.

Amongst these from listing to date, The Organic Meat (TOMCL) has generated the highest total return of 50pc, followed by Agha Steel (AGHA) return of 15pc. Whereas, TPL Trakker (TPLT) has lost 17pc of its value since its listing.

As per the report, in 2020, 14 companies raised Rs 27bn through Right Shares with Fauji Fertilizer Bin Qasim (FFBL) fetching the highest amount of Rs 5bn, followed by Searle Pakistan (SEARLE) rights of Rs 4.7bn and Unity Foods (Unity) rights of Rs 4.5bn.

The report added that in 2019, 17 companies had raised Rs 30 billion through Right Shares wherein Hascol Petroleum (HASCOL) took the highest amount of Rs 8bn followed by Hub Power’s (HUBC) issue of Rs 7 billion and Maple Leaf Cement (MLCF) issue of Rs 6bn.

Talking about the outlook in 2021, the report was of the view that with an improving outlook on the stock market, many equity IPOs are in the pipeline. Seven companies, like Shell Petroleum (SHEL), have already announced Right Shares amounting to Rs 16 billion.