Panther Tyres successfully raises Rs2.632bn through book building

KARACHI: Panther Tyres Limited successfully raised Rs 2.632 billion through a two-day book building which saw a broad based participation from institutional and high net worth investors.

The book building was over-subscribed by 4.4 times with price closing at the Rs 65.80 per share; an increase of 40 percent from the floor price of Rs 47.0 per share. The total demand received was Rs 8.215 billion against total issue size of Rs 1.880 billion; oversubscribed by Rs 6.335 million. Arif Habib Limited is the Lead Manager and Book Runner for this IPO.

Panther Tyres Limited, established in 1983, by Mian Iftikhar Ahmed, was the first player in Pakistan to introduce local manufacturing of tyres for two and three wheelers.—PR

Copyright Business Recorder, 2021