Can maker looks to raise Rs3.3 billion through IPO
Pakistan Aluminium Beverage Cans Limited (PABC) hope to raise Rs3.3 billion by selling a 26% stake of the company in an initial public offer on the Pakistan Stock Exchange.
On 22nd and 23rd June 2021, the book-building will take place, while the public to be held on 29th and 30th June 2021
A company statement read: “The entire offer of 93.8 million ordinary shares, or 26% of the post-IPO shareholding, will be offered through the book-building process at a floor price of Rs35/share. Successful bidders will be provisionally allotted only 75% of the issue size and the remaining shares will be offered to the retail investors at the strike price.”
The PABC is expected to raise at least Rs3.3 billion in the IPO but based on the interest from investors during the book-building process, the strike price can go up 40% (Rs49/share); thus, supporting the company collect Rs4.6 billion.
PABC is the country’s only manufacturer of aluminium beverage cans and supplies the likes of PepsiCo and Coca-Cola in both Pakistan and Afghanistan.
Exports to Afghanistan made up 35% of its sales in 2020.
Mauritius-based Ashmore Mauritius Holdings PABC Ltd currently holds 51% of the company, while Liberty Group owns the remaining 49%/
Liberty Group, the general public and Soorty Enterprises will own 54%, 26% and 20% shareholding, respectively, in the company with the exit of Ashmore following IPO.
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