KARACHI: Service Global Footwear Limited (SGFL) has appointed Arif Habib Limited as the lead manager and book runner for its Initial Public Offering (IPO) of 40.89 million ordinary shares, representing 20 percent of the post-IPO paid-up capital at a floor price of Rs 38.0 per share.

As many as 40,887,500 shares would be offered through book building process at floor price of Rs 38.0 per share and maximum price would be Rs 53.2 per share.

The registration dates is April 02, 2021 to April 07, 2021 from 09:00am to 05:00pm and 09:00am to 03:00pm on April 8, 2021.

The bidding dates are April 07, 2021 and April 8, 2021 (both days inclusive) at 09AM - 5PM.

The minimum bid size at Rs 1.0 million and bid collection center is Arif Habib Centre, Karachi.

SGFL is a footwear manufacturing and selling company which was operating as an integrated unit of Service Industries Limited since 1988; it was demerged in 2019 into a separate entity.

SGFL is the largest footwear exporter of Pakistan since the last decade; in last two years, it has accounted for over 40 percent of the total leather footwear exports of the country. SGFL exports more than 95 percent of its total production; in CY2020, it exported footwear to 20+ countries over 5 continents.

The Company supplies footwear to global brands like Zara, Caprice, Diana Ferrari, Dockers, Jack and Jones, London Rebel, etc.

The principal purpose of the issue is to invest the amount raised as an equity in Service Long March Tyres Limited (SLM) and become a stakeholder of approximately 18.91 percent of the total shareholding of SLM. SLM is the first all steel radial truck and bus (TBR) Tyre manufacturing unit in Pakistan, being setup through a JV between Servis Group and Chaoyang Long March of China.

Copyright Business Recorder, 2021