The success of the IPO can be gauged from the fact that, both Book Building
and General Public Portions of the IPO received overwhelming response despite tough market conditions (Book Building
portion subscribed by 160%; General Public portion subscribed by 112%).
Quality of investors in the book building
was evident as 84 per cent of the offer was subscribed by institutional investors.
Director Finance Matco Foods Faizan Ghori said the company completed the book building
and issue of public portion of the IPO at the end of last month, with a total issue of 29.
The Capital Markets Authority (CMA) board issued its resolution to adopt the updated instructions on Book Building
and Allocation of Shares in IPOs.
To ensure fair price discovery for IPOs through book building
mechanism, certain changes have been made to the book-building process, which include the introduction of concept of price band with the upper limit of not more than 40% of the floor price.
The concept of price band with the upper limit of not more than 40% of the floor price has been introduced in the amendments to ensure fair price discovery for IPOs through the book building
Based on an investigation, the SECP found that the group indulged in market manipulation during book building
process and thus had the influence to manipulate the strike price of an issue.
As one of the leading pharmaceutical holding companies in the country, Barekat was the first to IPO using the book building
The enthusiasm investors showed during the book building
made it possible to revise the coupon guidance downwards.
The book building
of the Hi-Tech Lubricants Limited has been over-subscribed by 2.
Al Baloushi said that corporate governance and book building
were other issues that family businesses have to face, especially if they consider listing abroad, and the only solution was raising awareness.
FALCOM Financial Services has announced the start of the book building
process as a prelude to offering 7,500,000 shares representing 30 per cent of outstanding shares of FARM Superstores.