Panther Tyres Limited successfully raised Rs. 2.63 billion through a two-day book building, which saw broad-based participation from institutional and high net worth investors.
The book-building was oversubscribed by 4.4 times, with the price closing at Rs. 65.80 per share; an increase of 40 percent from the floor price of Rs. 47.0 per share. The total demand received was Rs. 8,215 million against the total issue size of Rs. 1.88 billion; oversubscribed by Rs. 6.335 million.
Arif Habib Limited is the Lead Manager and Book Runner for this IPO.
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Panther Tyres Limited, established in 1983 by Mian Iftikhar Ahmed, was the first player in Pakistan to introduce local manufacturing of tyres for two and three-wheelers. Over the period, Panther has expanded into other segments of tyres and tubes, including tractors, light commercial vehicles, trucks, buses, and earthmovers.
The book-building saw participation from 497 investors, which included major commercial banks, insurance companies, local and foreign institutions, asset management companies, TREC holders, and high net worth individuals.
The general public will be offered shares on 3rd and 4th February at Rs. 65.80 per share.
