TPL REIT Fund I Reports Oversubscription in IPO with Strong Investor Demand

Karachi, TPL REIT Fund I has successfully completed its initial public offering (IPO) on May 2 and May 3, 2024, with subscription figures indicating a significant oversubscription, as confirmed by the Registrar, Digital Custodian Company Limited. The offering, which consisted of a Base Offer of 22,937,500 units and a Green Shoe Option of 22,387,000 units, received applications for a total of 33,473,295 units.

The IPO attracted 1,470 applications across various categories, with the highest interest seen in applications for more than 2,000 units, where 262 applications accounted for 32,599,795 units, totaling 573.43 million PKR. This was followed by 875 applications for 500 units, totaling 437,500 units and 7.70 million PKR. The subscription details for other categories included 201,000 units from 201 applications for 1,000 units, 87,000 units from 58 applications for 1,500 units, and 148,000 units from 74 applications for 2,000 units. The total amount raised through these applications reached 588.80 million PKR.

Given the oversubscription within the Base Offer, TPL REIT Fund I announced that all applications would be accepted and allotted units as per the terms of the Green Shoe Option, subject to the necessary review and scrutiny by the Registrar.