Karachi February 11 2021: Adamjee Life Assurance Company Limited (ALACL) shares subscribed at the floor price of PKR 28 per share with subscription of 1 times as per information shared by Pakistan Stock Exchange (PSX).
The company received bids of 25.832 million against offering of 25.0 million shares at floor price of PKR 28.0 per share.
Public portion can be subscribed on 16th February 2022 and 17th February 2022 from 9:00 am to 5:00 pm.
Adamjee Insurance Company Limited (AICL) is offering its 10 percent stake in Adamjee Life Assurance Company Limited (ALACL) through Initial Public Offering at floor price of PKR 28 with cap of 40 percent for listing at Pakistan Stock Exchange (PSX).
The Offer comprises 25,000,000 Ordinary Shares of the face value of PKR 10/- each, which constitutes 10 percent of the total post-IPO paid-up capital of the Company.
The bidders allowed to place bids for hundred percent (100%) of the Offer size and the Strike Price shall be the price at which the hundred percent (100%) of the Offer is subscribed.
However, the successful bidders shall be provisionally allotted only seventy-five percent (75%) of the Offer size i.e., 18,750,000 shares, and the remaining twenty-five percent (25%) i.e., 6,250,000 shares shall be offered to the retail investors.
The entire Offer of 25,000,000 Ordinary Shares has been offered through the Book Building process at a Floor Price of PKR 28/- per share with a price band of 40% above the floor price i.e., PKR 39.2/- per share.