Islamabad (Web Desk): With China-Pakistan Economic Corridor (CPEC) on the roll, local companies, particularly in construction business, are flexing their muscles to gear up their businesses by leaps and bounds.
According to details, the list includes Sharif family’s Ittefaq Iron Industries Limited, the renowned and emerging irdon company, and it was today approved for listing at Pakistan Stock Exchange (PSX).
The management of PSX has approved the application for formal listing and quotation of shares of lttefaq Iron Industries Limited.
It approved the application after firm completed all relevant requirements under the Listing of Companies & Securities Regulations of the Exchange, PSX said.
Therefore, it is notified that trading for the shares of the company will start on the Ready Board of the Exchange from Monday, July 3, 2017.
The Opening Price of the shares of the Company will be Rs. 30.20/- per share as determined through Book Building process.
Ittefaq Iron Industries floated its IPO at PSX to have received an overwhelming response, In May 2017. The company offered 31,312,500 shares at a floor price of Rs. 12/share, which was oversubscribed by 2.5 times. Hence, the company was able to generate demand of 78,405,687 shares at Rs. 30.2 per share.
The company has been performing well in terms of production and profits for the past couple of years. Its listing with PSX is likely to make the firm one of the fastest growing public limited companies.
Ittefaq Iron Industries Limited belongs to Alshafi Group of Companies whose roots can be traced back to Ittefaq Foundries, established by Mian Muhammad Sharif in 1940s. The CEO of the company Usman Javed is the relative of Prime Minister Nawaz Sharif.