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KARACHI – Significant developments were made during the interrogation of Lyari gangwar head Uzair Baloch Thursday. Baloch revealed the names of 10 key operatives of Lyari gangwar’s women wing.


February 28, 2017
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Roshan Packages: New kid on the block fetches a whopping Rs. 86.25 apiece

KARACHI: Roshan Packages Limited (RPL) fetched Rs. 86.25 apiece in its initial public offering (IPO) at Pakistan Stock Exchange (PSX), higher than the market's expected intrinsic value range of Rs. 45-55 per share and significantly above the Rs. 35-per-share floor price, which comprises premium worth Rs. 25 per share.

At the stock exchange, Roshan Packages CEO Tayyab Aijaz Qureshi rang the traditional opening bell to commencing trading.

The company offered 32.5 million shares when its stock started trading on Tuesday. It has raised Rs.2.80 billion for expansion, working capital, and debt repayment.

In this regard, Qureshi said, "There is not a single complete packaging company in Pakistan, whereas with growing [economy's demand] for packaging material is surging."

The intrinsic value, as calculated by independent research analysts, was around Rs.50, which is why it was understood to be an expensive offering. This is also perhaps the reason why RPL shares dropped 5% during the opening hour.

According to a broker, who wishes to remain unnamed, it was an expensive offering for investors. He added that the company should have offered it at a discount.

"If [such type] of IPOs continue, investors would lose their interest in IPO market."

Nevertheless, the first listing of 2017 went well for the company raising capital.

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LAHORE – Pakistan Test skipper Misbah-ul-Haq has on Thursday announced his retirement from Test cricket.



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