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Lahore-based Fast Cables Ltd. is gearing up to launch one of Pakistan’s largest share listings this month, aiming to raise a minimum of 3 billion rupees ($11 million) to bolster its production and put it among Pakistan’s 10 biggest initial public offerings, according to a report by Bloomberg
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.
With a whopping 74% gain in the last year, Pakistan’s main stock index is now the best-performing market in the world in terms of dollars. Three companies that are currently in the process of listing on the exchange are proof that the development has sparked a resurgence in share sales.
Following earlier elections and easy loan approval processes with the IMF, investor sentiment has increased, signaling a turnaround for a country that was on the verge of bankruptcy last summer.
“At the macro level, there is some stability now. However, the market has a long way to go.” Mian said in an interview.
Fast Cables plans to issue 128 million shares at a floor price of 23.5 rupees each, with book building preceding a general public offering.
With a track record of dividend payments, AKD Securities Ltd. complies with Shariah, according to Abadan Mohajir, head of investment banking.
“When it won a contract for a crucial transmission line from a massive coal mine and power project in the Thar desert, Fast Cables was the only Pakistani company that faced off against Chinese companies,” said Mian.
The Mian family founded the business in the 1980s with a strategic concentration on the power infrastructure industry, which has shown to be resilient to changes in the economy and has shown remarkable average annual growth rates of about 50% over the past five years. By 2030, the corporation hopes to have tripled its sales to approximately 100 billion rupees.
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