Service Long March Tyres raises Rs5.83bn in PSX book-building

In its initial public offering (IPO), Service Long March Tyres Limited (SLM) has raised Rs5.83 billion by selling 292.30 million shares at Rs19.95 per share in its two-day book-building process at the Pakistan Stock Exchange (PSX). On the first day on Monday, the IPO was fully subscribed within the first 5 seconds of opening, marking one of the fastest-ever book building transactions in the history of the PSX. The company sold its shares to institutional and high-net worth individual investors in the two-day Dutch bidding (book building) process culminated on Tuesday.