PSX holds gong ceremony for FCL listing

Pakistan Stock Exchange (PSX) celebrated the listing of Fast Cables Limited (FCL) with a gong ceremony, marking the company’s debut on the exchange. Fast Cables, a leading manufacturer of electrical cables and conductors in Pakistan, becomes the fifth company to go public via an IPO on PSX in the fiscal year 2023-24.

The ceremony was graced by the presence of Mr. Ghulam Mustafa Kausar, Chairman of Fast Cables; Mr. Kamal Amjad Mian, Managing Director; and senior management of Fast Cables Ltd. Also in attendance were Mr. Muhammad Farid Alam, CEO of AKD Securities Limited, the Joint Lead Managers/Consultants to the Issue, along with their team. Representatives from the participating banks were also present. The guests were warmly welcomed by Mr. Farrukh H. Khan, MD & CEO of PSX, alongside board members and senior PSX management.

The IPO consisted of 128,000,000 ordinary shares, representing 20.35% of Fast Cables Ltd.’s total post-IPO paid-up capital, with a face value of Rs 10/- per share. The book building method set a floor price of Rs 23.5/- per share, with a maximum price band of Rs 32.90 per share. The IPO was met with strong investor interest, being oversubscribed by 1.57 times, determining a strike price of Rs 24.45 per share. Applications amounting to Rs 4,702 million were received against an issue size of Rs 3,008 million, involving 642 investors, 561 of whom were successful.

The public subscription portion attracted 3,959 applications for 14,201,000 shares, totaling Rs 347,214,450/-. Among these, the PSX E-IPO system facilitated 607 applications for 1,113,000 shares amounting to Rs 27,212,850/-.

A total of Rs 3,129.606 million was raised from both the book building and public subscription phases. The proceeds will fund the acquisition of new land, construction of state-of-the-art facilities, installation of new plant and machinery, and debt repayment.

Farrukh Khan, MD & CEO of PSX, lauded the successful IPO and listing of Fast Cables, noting it as a significant addition to the cable and electrical goods sector of the Main Board. He emphasized the efficiency of the listing process, highlighting the reduced time frame of 29 working days for a company to be listed, supported by the automated PRIDE portal for documentation submissions.

Kamal Mian, MD of Fast Cables Ltd., expressed his gratitude for the achievement, acknowledging the hard work and dedication of all stakeholders involved. He thanked the PSX, SECP, and CDC for their support and looked forward to leveraging the raised capital for ambitious growth and innovation.

Muhammad Farid Alam, CEO of AKD Securities Ltd., highlighted the strong investor confidence in Fast Cables Limited and the growing interest in Pakistan’s manufacturing sector and stock market. He commended the successful IPO and reiterated AKD Securities’ commitment to supporting reputable companies in their market journeys.

The ceremony concluded with the distribution of commemorative tombstones to representatives from participating banks, CTI, PSX, and SECP.