KARACHI: The Security and Exchange Corporation of Pakistan (SECP) has said that it will ensure transparent initial public offering (IPO) of Al Shaheer Corporation Ltd, which is under way at the Karachi Stock Exchange.
According to , the SECP said in a press release issued on Wednesday.
It observed that the phase of book-building has been completed in which the company offered 18.75 million shares to institutional and high net worth individuals. The second phase of public offering is scheduled for July 27-29, when the company will offer shares to common investors.
The SECP stated that concerns had been raised on the price discovery mechanism, adopted for the institutional bidding of Al Shaheer Corporation.
The commission denied that upper cap was removed to the benefit of certain shareholders of the company.
“However, as a regular practice, the SECP is reviewing bidding pattern during the book-building process to ascertain any wrongdoings. Strict action would be taken against those found in violation of framework or engaged in manipulative practices,” SECP stated in its press release.
