Panther Tyres Limited raised funds worth Rs2.63 billion through a book building process at the Pakistan Stock Exchange (PSX) on Thursday.
The company strike price clocked in at Rs65.8 each during the two-day (Jan 27-28) book building process. The company opened bidding at Rs47 per share, which could increase by a maximum of 40% to the upper limit of Rs65.8 in accordance with the prevailing laws.
The financing will be utilised for expansion of its tyre and tube manufacturing capacity.
Initial Public Offering (IPO) Consultant Arif Habib Limited CEO Shahid Ali Habib said: “This has happened for the first time in history that any company has sold shares at the upper limit during the book building process … since the introduction of 40% cap rule a few years ago,”