Institutional and rich individual investors placed bids for 745.61 million shares against a mere 27.35 million (20%) shares put on the sale - showing that shares were oversubscribed by over 27-times, he said. “Per laws in place the share price could go as high as by 40% to Rs40.6 per share from bid opening price of Rs29,” Hashmey said. The company sold 20.51 million shares (75% of the total 27.35 million shares) to institutional and high net worth individual investors. It is scheduled to offer rest of the 25% (or 6.84 million shares) to retail investors on September 16-17. “This is the first initial public offering (IPO) by a tech company (Octopus) after a gap of seven years at PSX,” Lead Manager and Book Runner BMA Capital told.

Source: The Express Tribune September 11, 2021 04:01 UTC