Lahore-based Fast Cables Limited is preparing for one of Pakistan’s largest share listings this month to raise at least Rs. 3 billion ($11 million), Bloomberg reported.
The country’s largest power-cable manufacturer plans to conduct book building on May 15 and 16, Managing Director Kamal Mahmood Amjad Mian told the news agency.
Fast Cables plans to issue 128 million shares at a floor price of Rs. 23.5 each, with book building preceding a general public offering.
It bears mentioning that the company is Shariah-compliant with a history of dividend payouts.
Founded in the 1980s by Mian’s family, the company strategically focused on the power infrastructure sector, which has proven resilient to economic fluctuations. It has achieved an impressive average annual growth rate of nearly 50 percent over the last five years. Now, the company aims to triple its revenue to around Rs. 100 billion by 2030.
The Pakistan Stock Exchange has surged by an impressive 74 percent over the past year and inspired a resurgence in share sales, with three companies currently in the process of listing on the main bourse.
Investor confidence has risen following recent elections and smooth negotiations with the International Monetary Fund for loans, signifying a turnaround for a nation that faced bankruptcy last summer.
