Karachi September 27 2024: BF Biosciences, a subsidiary of Ferozsons Laboratories, Initial Public Oferring oversubscribed 2.5x against the issue size of PKR 1.37 billion at strick price of PKR 77 per share, according to Pakistan Stock Exchange.
The book runner Arif Habib Limited received bids of 62.6 million shares against offer volume of 25.0 million. According to PSX, 51.7 million bids were placed at ceiling price of PKR 77.
The Issue consists of 25,000,000 Ordinary Shares (i.e. 28.30% of the total post-IPO paid up capital of BF Biosciences Limited) of face value of PKR 3.00/- each.
The IPO proceeds will primarily be used to purchase plant & machinery to expand the product range and improve efficiency, acquire export certifications such as PIC/S and SRA and new product development including Glucagon-like Peptide (GLP1) and finance working capital requirements for purchase of raw and packing materials to meet post-expansion working capital needs. Additional funds raised above the floor price shall be utilized by the Company in managing its additional CAPEX and working capital needs, which has been explained in other sections as well. Maximum strike price can be PKR 77.00/- per share and maximum funds raised can be PKR 1,925,000,000.
BF Biosciences Limited (BFBL) was incorporated as an unlisted public limited company under the Companies Ordinance, 1984 (now Companies Act, 2017) in 2006, and operates within the pharmaceutical industry. BFBL is a joint venture between Ferozsons Laboratories Limited and the Bagó Group of Argentina. The Company’s core operations involve the import, manufacturing, marketing and distribution of pharmaceutical products. BFBL distinguishes itself by producing life-saving medications that are accessible to all.
