Asad Umar, Federal Minister for Planning, Development, and Special Initiatives said that 10 new IPOs are being planned by companies for listing on the Pakistan stock exchange (PSX) this year, adding that the economy of Pakistan is moving into the growth phase.
On Sunday, the federal minister took to Twitter and posted that strong earnings are being reported by companies listed on the Pakistan Stock Exchange (PSX) that reflect the achievement of economic stability.
He said 10 new initial public offering IPOs are also being planned by companies for listing on the stock exchange this year.
Strong earnings being reported by companies listed on Pakistan stock exchange reflect that stabilization having been achieved, economy is moving into the growth phase. A record 10 new IPO'S also being planned by companies for listing on stock exchange this year. https://t.co/5v38rujB3H— Asad Umar (@Asad_Umar) October 25, 2020
He quoted the tweet from an investor at PSX who mentioned different IPOs tweeting, “83 companies of #PSX have so far announced quarterly (July-Sep) results showing an AVG earning growth of 51% yoy. Out of KSE100, 43 companies have announced so far showing an AVG earning growth of 46% yoy. Outstanding growth pace in this quarter! #Pakistan #EmergingMarkets.”
Agha Steel Industries IPO at PSX raises Rs 3.84 billion
The share issue of Agha Steel Industries that consisted of 120 million ordinary shares raised Rs 3.84 billion at the third initial public offering (IPO) at the Pakistan Stock Exchange (PSX) for fiscal year 2020-21 on Friday.
“The share issue of Agha Steel Industries consisted of 120 million ordinary shares or 20.83% of the total post-IPO paid-up capital of the company,” the PSX said in a statement.
“The issue was offered through 75% (90 million shares) book building method and 25% (30 million shares) retail/ general public portion.”