Book building starts today: BF Biosciences seeking to expand key product lines

KARACHI: BF Biosciences IPO’s book building phase will be held on 25th and 26th September where high net worth individuals and institutional investors will subscribe to 100 per cent of the issue size.

BF Biosciences, a leader in the biotech pharmaceuticals sector in Pakistan, is set to raise between Rs 1.38 billion and Rs1.93 billion to expand its key product lines and obtain export certifications.

The floor price for the issue has been set at Rs 55 per share through a 100 percent book building process.

BF Biosciences plans to raise up to Rs1.93bn through IPO

The unsubscribed shares, if any, of the general subscription portion would be allocated to the successful bidders of the book building portion on a pro-rata basis.

The issuer will utilize any additional funds raised above the floor price in managing its additional requirements for capex and working capital needs.

BF Biosciences has estimated that the maximum strike price for the IPO may climb to Rs 77 per share that would increase the funds raised to Rs 1.93 billion.

This strategic initiative is expected to drive significant growth in both the company’s top line and profitability as company has already completed a brownfield expansion and IPO will also help the company to manage working capital needs of the aforesaid expansion.

Arif Habib Limited has been appointed as a lead manager and book runner to the issue.

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