IPO at PSX: Wahdat Poultry’s stock price surges 50% to Rs18 per share

Wahdat Poultry Farm Limited’s share price surged by the maximum allowed increase of 50%, hitting upper limit of Rs18 per share on the first of two-day Dutch bidding (book building) process at the Pakistan Stock Exchange (PSX) on Tuesday, according to lead manager of the issue of the shares Topline Securities. The bidding had opened at the minimum (floor) offered price of Rs12 per share. The book building process would culminate on Wednesday (April 22). At the determined strike price of Rs18 per share, the poultry firm would raise a total of Rs955.84 million through selling 53.10 million shares against a minimum target of Rs637.23 million – if the allocated shares were sold at the floor price of Rs12 per share. Out of the allotted 53.10 million shares, the firm has announced to sell 70% shares to institutional and high-net worth individual investors through the book building process on Tuesday and Wednesday.