ANL 12.62 Increased By ▲ 0.32 (2.6%)
ASC 14.65 Increased By ▲ 0.55 (3.9%)
ASL 15.60 Increased By ▲ 0.56 (3.72%)
AVN 104.25 Increased By ▲ 4.00 (3.99%)
BOP 8.42 Decreased By ▼ -0.01 (-0.12%)
CNERGY 6.47 Increased By ▲ 0.07 (1.09%)
FFL 9.17 Increased By ▲ 0.10 (1.1%)
FNEL 8.95 Increased By ▲ 0.28 (3.23%)
GGGL 13.40 Increased By ▲ 0.22 (1.67%)
GGL 20.88 Increased By ▲ 0.98 (4.92%)
GTECH 9.70 Increased By ▲ 0.30 (3.19%)
HUMNL 6.60 No Change ▼ 0.00 (0%)
KEL 3.16 Increased By ▲ 0.06 (1.94%)
KOSM 4.34 Increased By ▲ 0.29 (7.16%)
MLCF 33.65 Increased By ▲ 0.17 (0.51%)
PACE 4.20 Increased By ▲ 0.14 (3.45%)
PIBTL 7.24 Increased By ▲ 0.07 (0.98%)
PRL 14.34 Increased By ▲ 0.23 (1.63%)
PTC 8.68 Decreased By ▼ -0.01 (-0.12%)
SILK 1.34 Increased By ▲ 0.01 (0.75%)
SNGP 33.80 Increased By ▲ 0.20 (0.6%)
TELE 17.88 Increased By ▲ 0.63 (3.65%)
TPL 13.50 Increased By ▲ 0.48 (3.69%)
TPLP 28.02 Increased By ▲ 2.46 (9.62%)
TREET 39.69 Increased By ▲ 0.99 (2.56%)
TRG 83.30 Increased By ▲ 1.56 (1.91%)
UNITY 27.85 Increased By ▲ 0.54 (1.98%)
WAVES 15.05 Increased By ▲ 0.35 (2.38%)
WTL 2.22 Increased By ▲ 0.08 (3.74%)
YOUW 8.09 Increased By ▲ 0.55 (7.29%)
BR100 4,597 Increased By 11.2 (0.24%)
BR30 17,781 Increased By 212.3 (1.21%)
KSE100 45,018 Increased By 192.3 (0.43%)
KSE30 17,748 Increased By 81.8 (0.46%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,077
1224hr
Pakistan Cases
1,360,019
6,54024hr
Sindh
520,415
Punjab
460,335
Balochistan
33,855
Islamabad
115,939
KPK
183,865
Markets

Pakistan's Regal Automobile Industries looks to raise Rs800mn through IPO

  • Applies for PSX listing, will issue 25 million shares at floor price of Rs32
Updated 12 Jan, 2022
Courtesy: Regal Automobiles
Courtesy: Regal Automobiles

Regal Automobile Industries Limited has applied for listing on the Pakistan Stock Exchange (PSX), marking the start of 2022 after a stellar year for initial public offerings (IPOs) in 2021.

The company will look to raise Rs800 million through the issuance of 25 million shares at a floor price of Rs32, according to a notice posted on the PSX website.

The company said that it will utilise the funds to invest in its electric vehicle (EV) assembly line.

In 2017, Regal Automobiles Industries Limited was established as a technical venture between China's DFSK (Dong Feng Sokon) and RP Group, a Pakistan business conglomerate, to manufacture and market Prince vehicles in Pakistan. Its DFSK Glory 580 is currently competing in the crossover SUV market.

As per the company’s prospectus, the issue consists of 25,000,000 ordinary shares (23.3% of the total post-IPO paid-up capital).

Octopus Digital listed on PSX

Successful bidders shall be provisionally allotted 75% of the issue size i.e. 18,750,000 shares and the remaining shall be offered to retail investors through the general public portion.

The company has also signed agreements to sell 7,150,000 ordinary shares (6.7% of the total post-IPO paid-up capital) at a price of Rs35.2/share, at a premium of 10% to the floor price through pre-IPO private placement.

Arif Habib Limited expects KSE-100 to make history next year

“Any excessive funds raised, in case the strike price is determined above the floor price, would be utilised either to fund the internal working capital requirement of Regal or to make further investment in the expansion of EV plant, as may be decided by the board of directors of Regal,” it added.

Citing market opportunity in the budding EV sector, the company said that in 2019, the number of EV units sold increased to 2.3 million units, from 2.1 million, for year-on-year growth of 9%.

Highest IPOs on PSX in 2021 after six years: Rs20bn raised by firms

The PSX also saw record offerings in 2021 where the bourse witnessed eight IPOs, including 2 GEM board offerings, highest after 2015. Total amount raised from investors from these eight offerings clocked in at Rs20 billion during 2021.

Comments

Comments are closed.

2 Comment(s)
Sort By
Bilal alikhan Jan 12, 2022 09:12pm
Car
thumb_up Recommended (0)
Ubaid Muzaffar Jan 14, 2022 12:00am
Excellent Extravaganza Extravagant Announcement Cha Gaye Hain Aap Janab
thumb_up Recommended (0)