AirLink Communication Limited has carried out its highly successful initial public offering during a Gong Ceremony on September 22, 2021.
The listing of AirLink Communication Limited marks the largest IPO from the private sector in the history of the country. The strike price is reported to be at Rs.6.435 billion. The Lead Manager and the Book Runner was JS Global Capital Limited.
A total of 90 million ordinary shares were offered 100% via the book building method, each share was issued at Rs.65 as the Floor price. Although the bidders placed bids for the entire issue size, 67.5 million shares which make 75% of the total issue size were allotted to successful bidders. 22.5 million shares which make the remaining 25% were allotted to retail investors.
Many investors participated in the book-building process, a total of 388 out of 518 bidders were deemed successful. Air Link became oversubscribed by 1.8x after the issuance of Rs.5.850 billion at the floor price garnering a total of Rs. 10.730 billion.
The portion offered to the retail investors also garnered a great response. For the issue size of 22.5 million shares a whopping 25.9 million shares were applied for, leading to an oversubscription of 1.15x with regards to the retail portion of the Issue.
The MD and CEO of the Pakistan Stock Exchange Mr Farrukh Khan said, ” I congratulate Air Link Communication Ltd. and all the stakeholders involved in this IPO for successfully carrying out the largest private sector IPO in Pakistan’s history. I would also like to congratulate JS Global on successfully lead managing this landmark IPO. We are excited to welcome Air Link Communication to PSX.”
Appreciating the contributions of Air Link, he added ” This will allow local as well as foreign investors to get exposure to the fast-growing technology and communication sector in Pakistan. We hope that the success of this IPO will also encourage other companies to come forth and raise growth capital from PSX. By listing on PSX, Air Link Communication has transitioned from a business to a listed corporate organization, strengthening its corporate governance and adding to its transparency with full compliance of taxation regulations, thereby contributing to the national economy. I am happy to note that in terms of its tax payment record, Air Link has been honoured with the ‘Highest Tax Payer Award 2020’ among other accolades.
The CEO of Air Link Communication Ltd Mr Muzzaffar Piracha exclaimed, “It is a great day for Air Link, one of the largest mobile phone manufacturers, distributors, and retailers, Pakistan Stock Exchange, and the capital industry for completing the largest private sector IPO in Pakistan’s history. I would like to thank JS Global Capital Limited and especially the CEO, Kamran Nasir for providing the best-in-class investment banking services for Air Link. It is a proud moment for the mobile industry as well as Air Link as the first telecom company in Pakistan to get listed at PSX, This shall allow Pakistan to cut down on mobile devices import bills and help earn foreign exchange through the export of mobile devices.”
Highlighting the contribution to the local economy he further stated, “We are working in line with PM’s ‘Make in Pakistan’ vision to reduce our dependence on imported commodities and shift to a sustainable export-oriented economy. Not only will it help us to reduce trade deficit but also create employment opportunities for the people of our country.”
Emphasizing the positive impact on the capital market in the country, CEO of JS Global Capital Ltd Muhammad Kamran Nasir said, “JS Global has set the bar high for the industry through the flawless execution of Pakistan’s largest private sector IPO. It speaks volumes about our investment banking strength and distribution capacity. Our capital markets are undergoing a historic transformation which will result in more listings and growth in the investor base through digital onboarding. JS Global will continue to lead the market in the adoption of technology and will play the leadership role in enhancing the depth and liquidity of our capital markets.”
Acknowledging the government’s efforts, Nasir further said,”I would also like to thank the honourable Prime Minister Imran Khan for introducing the new mobile policy and facilitating the industry to enhance Pakistan’s exports. I would also like to congratulate Muzaffar Piracha for his leadership and commitment to building Air Link, one of the largest mobile phone assemblers and distributors of Pakistan.”