IPAK debuts at PSX

KARACHI:

International Packaging Films Limited (IPAK) was officially listed on the Pakistan Stock Exchange (PSX) during a simple gong ceremony held on Monday. This marked the start of public trading of the company’s shares on the stock exchange, providing shareholders with a platform to exchange shares.

IPAK had previously raised equity funding worth Rs 1.76 billion by selling 70.10 million shares at Rs 25.20 per share last month. The book-building phase of the initial public offering (IPO) generated significant interest from investors, resulting in the issue being oversubscribed by 1.73 in value. The strike price of Rs 25.20 per share was fixed during this phase, said a press statement issued by PSX.

The PSX received applications totaling Rs 2.54 billion, exceeding the base issue size of Rs 1.47 billion, resulting in the issue being oversubscribed.

During the gong ceremony, Farrukh Khan, Managing Director and CEO of PSX, expressed pride in welcoming International Packaging Films Limited to the paper and board sector of the bourse.

He praised the company for its innovative contributions to the packaging industry and acknowledged the confidence investors place in IPAK’s governance and strategic direction.

Khan also praised IPAK for extending the discount to small retail investors, urging other companies to follow suit to broaden and diversify their investment base. He highlighted the right time for companies to list on the PSX, citing the strong performance of Pakistan’s capital market and its ample liquidity for eligible companies. He emphasized that the stock market provides a viable alternative to high-cost bank borrowing, attracting a large number of investors and facilitating the global business and investment approach of listed companies.

Naveed Godil, CEO of IPAK, highlighted the company’s position as the largest packaging film company in the country, known for its innovation, quality and customer satisfaction. He noted that IPAK offers a wide range of packaging solutions aimed at various industries, including food and beverage, pharmaceuticals and personal care.

Published in The Express Tribune, June 4^u2024.

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