Tech firm cancels book-building process
Assures bidders to refund their margin money within three working days
KARACHI:
A software company, operating in Pakistan and Germany, has announced to cancel its book-building process for the listing at Growth Enterprise Market (GEM) board at the Pakistan Stock Exchange (PSX).
The announcement from Coeus Solutions on Wednesday came following under-subscription of its shares by the accredited investors. They placed bids only for 1.02 million shares during a three-day (Monday-Wednesday) book-building process against an offer size of 5 million shares.
The company kick-started the bidding at floor (minimum) price of Rs210 per share.
The book-runner KTrade Securities Limited CEO Mahmood Ali Shah Bukhari said in a notification to the PSX on Wednesday that regarding the GEM board listing of Coeus Solutions Limited, it would like to intimate all concerned that participation in book building fell short of its expectations “due to unprecedented market conditions on the back of global economic situation and domestic political uncertainty”.
“Hence, we have decided to cancel the book building process until further notice.”
“We would like to assure the registered bidders that their margin money shall be fully refunded within three working days.”
The company had targeted to raise a minimum Rs1.05 billion through the initial public offering (IPO).
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