Karachi May 19 2024: Fast Cables Limited Initial Public Oferring oversubscribed 1.57x against the issue size of PKR 3.0 billion, according to AKD Securites filing to the exchange.
“The Strike Price of PKR 24.45 per share has been determined through Book Building conducted on 15th and 16th May 2024,” states AKD Securities.
“We received an overall demand of PKR 4,702 million against the issue size of PKR 3,008 million, an over subscription of 1.57x. A total of 642 investors participated in the Book Building of FCL, out of which 561 were successful” the statement added.
The company is Shariah-compliant with a history of dividend payouts, said Abadan Mohajir, head of investment banking at AKD Securities Ltd., the lead manager for the sale.
The company was started in the 1980s by Mian’s family, who branched out into cables. Its focus on the power infrastructure sector has made it resilient to economic downturns, chalking up an average annual growth rate of almost 50% over the past five years.
The funds from the share sale will be used to increase capacity by a third, with a goal of tripling revenue to around 100 billion rupees by 2030.
Fast Cables was the only Pakistani company that competed with Chinese firms when it won a contract for a key transmission line from a vast coal mine and power project in the Thar desert, according to Mian.
