Citi Pharma Ltd. and Abbott Laboratories, plan to select for an initial public offering (IPO) in the Pakistan Stock Exchange (PSX), sources reported on Friday.
Chief Executive Officer (CEO), Rizwan Ahmad told the media that the Lahore-based company intends to collect Rs. 2.85 billion ($18 million) over the next month and a half, in what could be the largest share listing in Pakistan by a pharmaceutical company.
The initial public offer would include 35 percent of the company’s equity or 72.7 million shares at Rs. 28 per share with a maximum limit of 40 percent, as per the finance advisor for the IPO, Topline Securities Pakistan Ltd.
Citi Pharma is a manufacturer of active pharmaceutical ingredients (APIs) and, as the stock markets increase, is joining a global rush to raise money.
Since 25 March 2020, when lockdowns started worldwide because of the coronavirus pandemic, Pakistan’s KSE-100 Index has gained about 70 percent. This has helped revive the IPO market in Pakistan, which, in addition to this IPO, is registering a rec.
The CEO also shared that this expansion would allow the company to start producing branded drugs and to supply medicines to other firms. At present, it is in discussions with Glaxo, Searle Co., and Martin Dow, he said.