Pakistan Market: One Pharma and Two Foods Raised Rs4.3bn in IPOs in 2018
- During 2018, 3 new stocks were listed (other than Modarbas) at Pakistan Stock Exchange (PSX) where the new entrants raised Rs4.3bn cumulatively, which is 49% lower than amount raised in 2017 of Rs8.5bn.
- AGP Limited (AGP), a pharmaceutical company, through its Offer For Sale (OFS) collected 65% of total raised capital during 2018. Company offered 35mn shares, where OBS Pakistan and Muller & Phipps Pakistan sold 20mn and 15mn shares respectively.
- Two other IPOs raised nearly equal amounts, that is, Matco Foods (MFL) raised Rs758mn while At-Tahur (PREMA) raised Rs770mn. To note, MFL is a basmati rice exporter while PREMA is operating in the dairy segment of Pakistan.
- MFL remained top performing IPO with IPO to date return of 16% followed by AGP with of 1% return, while, PREMA showed decline of 6%.
- Reportedly around 8 IPOs are scheduled for 2019 where the largest IPO is expected in the Textile Sector. Interloop Limited, one of the largest sock suppliers to world leading players like Nike, Adidas, Puma etc is planning to raise around Rs5bn to finance its expansion plans. Other IPOs are expected from consumer, auto parts and pharmaceuticals segment among others.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.