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KT APPDOWNLOAD
Pak banks to accept Kapco IPO forms
ABU DHABI — Pakistani banks in the UAE, Bahrain, Qatar and Oman will continue to accepting share applications for a $90 million (Dh325 million) IPO of the Kot Addu Power Company (Kapco), a thermal power company privatised to a foreign consortium.
A per share price of Rs 30 has been fixed and the application could be submitted for 500 shares only, requiring Dh934 from applicants in the UAE. By this IPO, the Government of Pakistan is off-loading its 20 per cent stake in 176 million shares of the company, with a green shoe option.
Subscription which started yesterday would remain open till Thursday, during the banking hours. Six banks had been appointed as overseas bankers to the Offer, it included Habib Bank Limited and United Bank in Bahrain, Habib Bank Limited in Oman, while in the UAE Habib Bank Limited and United Bank. In Qatar, UBL is providing service to the investors.
This was in line with the government’s policy of transferring the benefits of privatisation to the common man under the slogan, ‘Privatisation for the People’.
According to industry sources, Kapco IPO will generate good response from investor community following company's good operational record and profits. More than 316,000 applicants are expected to benefit from Kapco IPO.
The listing of Kapco would significantly increase market capitalisation in Pakistan besides bringing in a worthwhile addition to the power sector companies, listed on countrywide stock exchanges.
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