Searle Pakistan Limited, Pakistan’s pharmaceutical powerhouse, is preparing for the country’s largest initial public offering (IPO) in its history.
Searle Pakistan Limited has officially filed for listing on the Pakistan Stock Exchange, according to sources.
Searle, the parent company, plans to issue 350 million shares of its wholly-owned subsidiary. After Airlink’s IPO last month, this is now the country’s largest initial public offering (IPO).
The IPO’s floor price has been set by the transaction’s financial advisors, while the strike price will be decided by Bookbuilding.
Searle Company Limited began as a private limited company in Pakistan in October 1965 and became a public limited company in November 1993. International Brands Limited is the corporation’s holding company.
It makes pharmaceuticals, notably cardiovascular, allergy, and cough medicines, as well as infant milk formula and biotechnology.
Searle Company Limited employs about 600 employees and supplies products to countries such as the Philippines, the United Arab Emirates, and a number of European countries from its six manufacturing units in Karachi and Lahore.
During these difficult and challenging circumstances, which had significant ramifications for Pakistan as well as the world economy, Searle delivered an outstanding performance for the fiscal year ending June 30, 2021. The company brought in Rs. 16.57 billion in sales. It had a profit after taxes of Rs. 2.12 billion, compared to a profit of Rs. 2.45 billion the previous year.
Pakistan has had a record amount of initial public offerings (IPOs) this year, with eight in FY 2021 compared to none the previous fiscal year.
Air Link Communication, a smartphone assembler, raised Rs. 6.43 billion in Pakistan’s most lucrative private sector IPO last month. At a price of Rs. 71.5 per share, it sold 90 million shares.