The Securities and Exchange Commission of Pakistan (SECP) has given a green signal to Octopus Digital Limited (ODL), a wholly-owned subsidiary of Avanceon Limited, to issue, circulate and publish the prospectus for the issuance of Rs27. 3 million ordinary shares that will raise at least Rs793.1 million.
Earlier this month, SECP and the Pakistan Stock Exchange (PSX) had approved the listing application of ODL.
According to the notice issued by Avanceon, the issue consists of 27,350,000 Ordinary Shares i.e., 20.00% of the total post-IPO paid-up capital of Octopus Digital Limited (OCTOPUS) of the face value of PKR 10/- each.
The IPO will be conducted through the 100% book building method at a Floor Price of PKR 29/- per share with a maximum price band of up to 40% above the floor price.
The bidders shall be allowed to place bids for a hundred percent (100%) of the Issue Size and the Strike price shall be the price at which the hundred percent (100%) of the Issue is subscribed. However, the successful bidders shall be provisionally allotted seventy-five percent (75%) of the Issue size i.e., 20,512,500 shares and the remaining twenty-five percent (25%) i.e., 6,837,500 shares shall be offered to the retail investors.
In addition, the General Public portion of the issue comprises of 6,837,500 ordinary shares (25% of the total issue) at the Strike Price. In case a retail portion of the issue remains unsubscribed, the unsubscribed shares will be allotted to the successful bidders of book building on a pro-rata basis.
