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Service Global raises Rs2.175 billion from IPO
It may now get bigger pie of Service Long March SAMAA | Bilal Hussain - Posted: Apr 9, 2021 | Last Updated: 5 hours ago SAMAA | Bilal Hussain Posted: Apr 9, 2021 | Last Updated: 5 hours ago
Source: gfmag.com
The Service Global Footwear Limited has managed to raise Rs2.175 billion through a two-day book-building, which saw participation from institutions and high net-worth investors.
The book-building was over-subscribed 5.8 times, with the share price closing at Rs53.2. It saw a total demand of Rs8.946 billion received against the issue size of Rs1.554 billion.
The IPO proceeds will be invested by the company in Service Long March Tyres Ltd, which will establish a tyre manufacturing unit in Pakistan through a joint-venture between Servis Group and Chaoyang Long March of China.
KARACHI: Service Global Footwear Ltd (SGFL) the second company to seek listing at the stock market in the current calendar year raised Rs2.175 billion in the two-day book building.
The issue was offered at the floor price of Rs38 per share with a maximum price band of up to 40pc ie Rs53.20 per share.
Arif Habib Ltd, the lead manager and book runner for the IPO, said in a statement that the book building was over-subscribed by 5.8 times with price closing at the Rs53.20 per share.
The IPO proceeds would be used by the company for investment in Service Long March Tyres Ltd (SLM), which is the first all steel radial truck and bus (TBR) tyre manufacturing unit in Pakistan, being set up through a joint venture between Service Group and Chaoyang Long March of China.
Footwear firm raises Rs2 17b through IPO tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
The March 26 decision to withdraw incentives for new listings on the Pakistan Stock Exchange (PSX) makes no sense.
Just compare the number of listed companies on the Bombay Stock Exchange 5,439 with market capitalisation of $2.8 trillion with the miniscule 540 on the PSX and market capitalisation of $52 billion. It can be concluded that public money managers in Islamabad do not understand the importance of mobilising funds from the equity market by companies.
The tax credit granted to encourage companies for enlistment was abolished through Tax Laws (Second Amendment) Ordinance 2021. The concession had been granted through Finance Act 2010, which provided that “Where a taxpayer being a company opts for enlistment in any registered stock exchange in Pakistan on or before June 30, 2022, a tax credit equal to 20 per cent of the tax payable shall be allowed for the tax year in which the said company is enlisted and for the following three tax years: provided that the tax credit