Sindh governor lauds JS Global on largest IPO at PSX

KARACHI: Capital market fraternity welcomed Air Link Communication Limited CEO Muzzaffar H Piracha, at a high-profile launch ceremony, presided by Sindh Governor Imran Ismail at JS Global Capital Limited’s head office, a statement said.

The ceremony was attended by Pakistan’s top financial industry professionals, business leaders, and the founder of JS Group, Jahangir Siddiqui, who welcomed all dignitaries himself. JS Global Capital CEO Kamran Nasir hosted the event.

Earlier, Air Link successfully raised Rs6.43 billion, making it Pakistan’s largest private sector IPO. The IPO amassed a record participation of around Rs11 billion by over 500 investors with strong institutional participation of 60 percent. JS Global Capital Limited is the consultant and book runner of the issue.

The Sindh governor, congratulating key stakeholders, said, “I would like to place on record and give credit to PM Imran Khan’s vision whereby he made everyone work hard to change the economy from import focused to export focused; which takes time and the new smart phone mobile policy is one great example.”

This policy enabled Air Link to establish a state-of-the-art factory for smart phone assembling of international brands. Ultimately, Pakistan was eyeing a billion-dollar export target through this segment in about three years, where Air Link would be a great beneficiary, he added.

AirLink CEO Muzzaffar H Piracha said, “Air Link Communication is not only the largest distributor of smart phones in Pakistan but courtesy PM Imran Khan’s vision would soon become the largest assembler/manufacturer/exporter in days to come with a very strong world class retail footprint.”

He also thanked JS Global for its support, especially acknowledging the CEO.

JS Global Capital Limited CEO said, “I am a very proud member of JS Fraternity and whatever success you ascribe to me lies squarely with my colleagues.” He said JS over the last 50 years continued to serve Pakistan in various fields, especially the financial markets and contributed significantly towards the economy.