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Pakistani companies raised Rs 35.4 billion through Initial Public Offering (IPOs)

Pakistani companies raised Rs 35 billion through Initial Public Offering (IPOs) in the year 2020 despite the coronavirus pandemic

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Pakistani companies raised Rs 35.4 billion in 2020 through Initial Public Offerings (IPOs) and Rights from Pakistan Stock Exchange (PSX).

According to Topline Securities, PSX witnessed four IPOs (including are preference share listing) during the current year. This comes even as the pandemic ravaged economies in the region as well as the world. The IPOs were from sectors like steel, meat processing, telecom, and chemicals.

Amongst these from Pakistani companies listings to date, The Organic Meat (TOMCL) has generated the highest total return of 50pc, followed by Agha Steel (AGHA) return of 15pc while TPL Trakker (TPLT) has lost 17pc of its value since its listing.

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As per the report from Topline Securities, in 2020, 14 companies raised Rs 27bn through Right Shares, with Fauji Fertilizer Bin Qasim (FFBL) receiving the highest amount of Rs 5bn, followed by Searle Pakistan (SEARLE) rights of Rs 4.7bn and Unity Foods (Unity) rights of Rs 4.5bn.

Talking about the outlook in 2021, the report was reported that with an improving outlook on the stock market, many equity IPOs are in the pipeline. Like Shell Petroleum (SHEL), seven companies have already announced Right Shares amounting to Rs 16 billion.

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Bilal Lakhani writing for Express Tribune, said that in the largest cash transfer in Pakistan’s history, 15 million Pakistani households received Rs12,000 each during Covid-19.

There was no corruption reported anywhere during this project.

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He wrote further that households with a disabled person receive an Rs2000 stipend a month. Moreover, 80,000 interest-free loans are being given every month, over four years, half of them reserved for women, to help them start new businesses and pull themselves out of poverty.

GVS News Desk

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