PSX lists International Packaging Films Ltd

KARACHI: The Pakistan Stock Exchange (PSX) celebrated the listing of International Packaging Films Limited (IPAK) with a gong ceremony, marking a significant milestone for the company specializing in five-layer biaxially oriented polypropylene (BOPP) films used in various packaging applications.

Prominent attendees included Chairperson Muhammad Amin; CEO Naveed Godil; and senior management of International Packaging Films Ltd. Also present were Chairperson of AKD Group Aqeel Karim Dhedhi; Managing Director Investment Banking at Arif Habib Limited Yousaf Bashir, and CEO of Intermarket Securities Wajid Hussain, among others.

Arif Habib Limited and AKD Securities Limited served as joint lead managers/consultants to the issue, while Intermarket Securities Limited acted as joint book runners. The ceremony featured a video message from the chairperson of the Securities and Exchange Commission of Pakistan (SECP), and attendees were welcomed by MD & CEO of the PSX Farrukh H Khan.

The listing involved the issuance of 70,105,455 ordinary shares, representing 10.01 per cent of IPAK’s total post-IPO paid-up capital, at a face value of Rs10 per share. The shares were offered through a book-building method with a floor price of Rs21 per share and a maximum price band of up to Rs29.40 per share. The book-building phase saw the issue oversubscribed by 1.73 times, setting a strike price of Rs25.20 per share. A total of 224 investors participated, with 138 successful bidders.

For the public subscription, 2,018 applications were received, amounting to Rs439,956,120. The PSX e-IPO system attracted 419 applications for 770,000 shares, valued at Rs18,823,200. Overall, Rs1,763.977 million was raised from both book-building and public subscriptions.

Proceeds from the IPO will be used for the early redemption of a long-term finance facility and to expand IPAK’s BOPP manufacturing capacity through its subsidiary, Global Packaging Films (Private) Limited, and to commission a BOPET manufacturing facility under its subsidiary, PETPAK Films (Private) Limited.In a bid to support small investors, IPAK offered its shares at a discounted rate of Rs24 per share during the public subscription phase, a move initiated by the PSX’s CEO to encourage broader participation. During the ceremony, Farrukh Khan praised IPAK’s innovative solutions and successful IPO. He urged other companies to emulate IPAK’s approach to support small investors and leverage the strong performance of Pakistan's capital market.

Naveed Godil expressed gratitude to all stakeholders and emphasized the significance of this milestone for IPAK. He highlighted the company’s commitment to excellence and sustainable growth.

Yousaf Bashir and Mr Farid Alam from Arif Habib Limited and AKD Securities Limited, respectively, lauded the strong investor confidence in IPAK and the successful oversubscription of the IPO, reflecting the robust capabilities of their firms.