Lahore-based Airlink Communication raised around $39 million in an initial public offering (IPO) on Tuesday at the Pakistan Stock Exchange (PSX). The offering was the largest private sector IPO in the history of Pakistan. Airlink received bids for 147.64 million shares against 90 million shares offered in a two-day book building. PSX details show that the strike price was Rs71.5 against the offered Rs65 per share.
Kamran Nasir, CEO of JS Global Capital, says the company received bids worth Rs11 billion in the historic IPO. Airlink intends to use the proceeds of the IPO to acquire inventory and expand its distribution and retail networks. Currently, the company is undergoing vertical integration and plans to open 150 retail outlets across the country in five years.