IPO of KEL Sukuk over-subscribed, banks directed to stop taking applications
KARACHI: Initial Public Offering (IPO) of K-Electric Ltd (KEL) Sukuk has over-subscribed till August 3, 2020 and the lead manager Arif Habib Securities has instructed all the Banks to the Issue and CDC E-IPO to stop taking further applications for the IPO, said a press note of Arif Habib Securities here on Wednesday.
It said that investors participated with an amount of Rs 3,164,525,000 against the IPO size of Rs 1,292,000,000. The final subscription figures as received from Bankers to the Issue and CDC E-IPO are being compiled by the registrar, CDC Share Registrar Services Limited (CDCSR), it added.
The investors, who have subscribed for KEL Sukuk during July 23, 2020 till August 2, 2020, will be allotted KEL Sukuk in full whereas investors who have participated on August 3, 2020 will be allotted KEL Sukuk on a pro rata basis after allocating all applications of Rs 5,000 subject to scrutiny by CDCSR.
The details of subscriptions received and ratio for pro rata would be communicated after scrutiny of applications by CDCSR, it added.
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