International Packaging Films Limited (IPAK) officially began trading on the Pakistan Stock Exchange (PSX) with a gong ceremony held on Monday, marking the company’s entry into public trading. The event provided shareholders with a platform for the exchange of shares.
Last month, IPAK raised Rs1.76 billion in equity financing by selling 70.10 million shares at Rs25.20 per share during its initial public offering (IPO). The book-building phase of the IPO saw significant investor interest, resulting in the issue being oversubscribed by a factor of 1.73 in terms of value. The strike price of Rs25.20 per share was determined during this phase, according to a press statement released by PSX.
The PSX received applications totaling Rs2.54 billion, exceeding the base issue size of Rs1.47 billion, thus oversubscribing the issue.
During the gong ceremony, Farrukh Khan, Managing Director & CEO of PSX, expressed pride in welcoming International Packaging Films Limited to the paper and board sector of the exchange. He commended the company for its innovative contributions to the packaging industry and acknowledged the confidence shown by investors in IPAK’s governance and strategic direction.
Khan also praised IPAK for extending a discount to small retail investors, urging other companies to follow suit to broaden and diversify their investor base. He highlighted the opportune moment for companies to list on PSX, citing the strong performance of Pakistan’s capital market and its ample liquidity for eligible companies. He emphasized that the stock exchange provides a viable alternative to high-cost bank borrowing, attracting a large number of investors and facilitating global business and investment outreach for listed companies.
Naveed Godil, CEO of IPAK, highlighted the company’s position as the largest packaging films company in the country, renowned for its innovation, quality, and customer satisfaction. He noted that IPAK offers a wide range of packaging solutions catering to various industries, including food and beverages, pharmaceuticals, and personal care.
