Panther Tyres successfully raises Rs2.632bn through book building

Panther Tyres Limited attracted more than Rs 2.632 billion in book building, making it the largest book building event in the world.

The application form was received four and a half times oversubscribed, with the price closing at Rs 60.80 per share; an improvement of 40 percent from the floor price of Rs 47.0 per share. The overall demand is Rs 8.215 billion and the issue size is Rs 1.880 billion; the issue is over subscribed by a little over Rs 6.335 million. This company has the position of lead manager and book runner in an IPO.

A Pakistani company, founded in 1983, by Mian Iftikhar Ahmed, was the first to manufacture tyres locally in Pakistan.

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