The first phase of the initial public offering (IPO) of Hascol Petroleum has concluded with as many as 1,191 bidders taking part in the book-building portion, which was oversubscribed by more than seven times.
25 Million Ordinary Shares “27.6% of Post Issue Paid up Capital”
Face Value = Rs.10/Share
Strike Price= Rs.56.5/share
Calculation Method = Dutch Auction Method
Book Runner = AKD Securities
General IPO = First Week of April
Shares available for General Public = 6.2 Million
Share Price = Rs. 56.5/share
2013 Company Profit = Rs. 392 Million
The book-building portion, which took place on March 4 and 5, comprised 18.7 million ordinary shares, or 75% of the total issue size, at a floor price of Rs20 per share.
Institutional investors and high net worth individuals submitted bids of 132.5 million ordinary shares as opposed to 18.7 million shares that were up for grabs, which reflects the overwhelming response that the year’s first IPO has received.
Objective of IPO is to generate more equity for the completion of MAchike Storage facility in Sheikhupura and open new outlets across Pakistan. Rs. 300 Million will generate through this IPO.
Hascol Petroleum sells POL products through a network of 210 fuel stations across Pakistan. It plans to add another 50 retail outlets by the end of this year.