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KARACHI: Airlink Communication Limited (Airlink) has successfully raised PKR 6.43 billion at the strike price of PKR 71.5 per share through a two-day book building process; making it the largest private-sector IPO in Pakistan's history.

The IPO amassed record participation of around PKR 11 Billion by over 500 investors with strong institutional participation of 60%. The retail portion will be open for public subscription on 6th and 7th September 2021 at a strike price of PKR 71.5 per share. JS Global Capital Limited is the consultant and book runner of the issue.

Governor Sindh, Imran Ismail, congratulating the key stakeholders, said, "My heartiest congratulations to the Prime Minister Imran Khan for his vision that helped Airlink to become the largest IPO ever at the Pakistan Stock Exchange. I would also like to congratulate Kamran Nasir CEO JS Global and Muzzaffar Piracha CEO Airlink Communications Limited on this monumental and historic success and wish them the very best of luck for their future endeavours."

Kamran Nasir, CEO, JS Global Capital Limited, commenting on this historic IPO said, "By the grace of Allah Almighty, it is a proud moment for JS Global and for the entire Capital Markets of Pakistan whereby Airlink Communications Limited IPO, the largest ever in the private sector witnessed unprecedented participation and success. I feel obligated to thank the Honourable Prime Minister of Pakistan for his 'Make in Pakistan' Initiative that has brought a paradigm shift in the Smart Mobile Phone industry in Pakistan. I would also like to Congratulate Muzzaffar Hayat Piracha CEO Airlink Communication Limited, as his company made history today at PSX. All that we witnessed today will go down in our history as yet another milestone where JS Global stood out and outshined its peers. We are committed to continuing adding to our "Lists of Firsts" and create value for Capital Markets Investors and bring more companies to the Exchange."

Muzzaffar H. Piracha, CEO Airlink Communication Ltd. said, "After Allah Almighty, I am grateful to everyone for their unwavering support, trust & confidence in Airlink Communication Ltd., the investor fraternity, JS Global, my team and especially Prime Minister Imran Khan and his team for providing a comprehensive policy that explicitly aims to incentivize local manufacturing of mobile phones in Pakistan and his attention towards the growth of telecom sector. It's a great day for Pakistan's telecom sector and capital market."

Farrukh H. Khan, CEO, Pakistan Stock Exchange Limited, said, "PSX would like to congratulate Airlink and their advisors on successfully concluding the largest IPO in PSX's history. This is indeed a landmark event in Pakistan's capital market and shows investors' confidence in PSX as a robust platform to raise growth capital. We hope that this will encourage other companies to come forward and raise capital to grow and compete globally. We look forward to welcoming Airlink to PSX."-PR

Copyright Business Recorder, 2021

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