Mughal Energy Limited Announces Oversubscription in Initial Offering on GEM Board

Karachi, Mughal Energy Limited successfully concluded its initial share offering to accredited investors on the Growth Enterprise Market (GEM) Board, According to information available from the Pakistan Stock Exchange (PSX).

The offering, which took place over June 3 and June 4, 2024, received applications for a total of 19,742,374 ordinary shares, surpassing the issue size of 19,411,000 ordinary shares. This resulted in an oversubscription, as confirmed by the Share Registrar, M/s. Digital Custodian Company Limited, in a letter dated June 6, 2024.

Investors showed significant interest across various application categories. The smallest category, 500 shares, saw 18 applications totaling 9,000 shares. The largest number of applications came for the 1,000 shares category, with 19 applications totaling 19,000 shares. Notably, the above 2,000 shares category received 11 applications totaling 19,700,374 shares, indicating substantial investor confidence.

The total amount raised during this initial offer was PKR 330,487,372, with an excess of PKR 32.00 noted. All applications for ordinary shares are subject to scrutiny and will be allotted based on a pro-rata system, prioritizing categories up to 2,000 shares.