Service Global plans IPO
March 17, 2021
KARACHI: Service Global Footwear Ltd., Pakistan’s largest shoe exporter, is planning an initial public offering in the domestic market to raise funds to invest in its parent’s tire joint venture, Bloomberg reported on Tuesday.
The Lahore-based company plans to raise at least Rs1.6 billion rupees by offering 41 million shares at a floor price of 38 rupees each, according to Shahid Ali Habib, chief executive officer at Arif Habib Ltd., the sole adviser to the IPO. The price could be boosted by as much as 40 percent, meaning Service Global Footwear could raise as much as $14 million, Habib said. The company is scheduled to start taking investor orders as soon as the last week of March, he added.