Fast Cables’ IPO gets oversubscribed by 57pc

KARACHI: Fast Cables’ IPO gets oversubscribed by 57 percent with historic number of 600+ bids received during book building. The company received demand of PKR 4.7 billion for an issue size of PKR 3.0 billion resulting in strike price of PKR 24.45 per share.

The offer for general public subscription will take place on May 22 and 23 whereby 32 million shares will be available for the general public at strike price of PKR 24.45 per share.

Farid Alam, CEO AKD Securities said the huge participation in the Fast Cables’ book building reflects public’s renewed interest for Pakistan Stock Exchange.