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HomeBusinessAir Link increase Rs. 6.435 billion from successful book building

Air Link increase Rs. 6.435 billion from successful book building

AirLink Communications Limited (ALCL), one of the largest distributors, manufacturers and retailers of mobile phones, has launched one of the largest private sector initial public offering (IPO) in the history of Pakistan. Successfully increased by adding Rs. 6.435 billion through book building.

Mr. Muzzaffar H. Piracha, CEO Air Link Communication Ltd. said, After Allah Almighty, I am grateful to everyone for their unwavering support, trust & confidence in Air Link Communication Ltd., the investor fraternity, JS Global, my team and especially Prime Minister Imran Khan and his team for providing a comprehensive policy that explicitly aims to incentivize local manufacturing of mobile phones in Pakistan and his attention towards the growth of telecom sector. It’s a great day for Pakistan’s telecom sector and capital market.

The book building was over-subscribed by 1.64x with strike price ascertained at Rs. 71.50 per share. The book building saw a total demand of Rs. 10.5 Billion received against the issue size of Rs. 5.85 Billion. The entire issue was offered through 100% Book Building at a Floor Price of PKR 65.00/- per share (including a premium of PKR 55.00/- per share).

JS Global Capital Limited is the Consultant and Book Runner to this issue.

Mr. Kamran Nasir, CEO, JS Global Capital Limited, commenting on this historic IPO said, “It is a proud moment for the entire Capital Markets of Pakistan whereby the largest ever IPO in the private sector witnessed unprecedented participation and success. My Heartiest Congratulations to Muzzaffar Piracha CEO Air Link Communications Limited as his company made history today at PSX. All that we witnessed today will go down in our history as yet another milestone where JS Global stood out and outshined its peers. We are committed to continue to add to our “Lists of Firsts” and create value for Capital Markets Investors.”

The company, founded by Mr. Muzzaffar H. Piracha and his late brother Mr. Moazzam H. Piracha in 2011, has risen to become one of the country’s first company in telecom sector to execute IPO successfully paving the way for many more companies to follow.

The IPO proceeds will be utilized by the company primarily to meet the enhanced working capital needs of distribution business, mobile phone manufacturing and expansion retail network across Pakistan.

The successful book building saw a record participation from investors which included major banks, financial institutions, assets management companies, mutual funds, insurance companies, other local and foreign institutions, TREC holders and high net worth individuals.

The general public will be offered shares on 6th and 7th September 2021 at a strike price of Rs. 71.50 per share.



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