Karachi: Fast Cables Limited, a prominent player in the cable manufacturing industry, has successfully completed its final progress report on the utilization of proceeds from its Initial Public Offering (IPO), according to a report dated November 3, 2026. The review was conducted under the guidance of M/s. Crowe Hussain Chaudhury & Co., and was submitted to the Pakistan Stock Exchange Limited (PSX).
The company had raised a total of Rs. 3.13 billion through the issuance of 128 million ordinary shares at a strike price of Rs. 24.45 per share during the IPO, which concluded with the commencement of trading on June 10, 2024.
According to information available from the Pakistan Stock Exchange (PSX), Fast Cables Limited allocated the IPO proceeds towards several key areas. The largest allocation was for plant and machinery, totaling Rs. 1.06 billion, followed by building construction and installation works amounting to Rs. 655.87 million. The investment in land was recorded at Rs. 229.89 million.
The report outlines that after fulfilling all planned utilizations, including loan repayments and contingencies, a surplus amount of Rs. 750.46 million remains. Additionally, the company reported earning Rs. 34.08 million in profit from bank deposits and Rs. 449.93 million from mutual funds. After accounting for taxes, the net return from these investments was Rs. 370.09 million.
Fast Cables Limited has indicated that the final total balance available, including the surplus and returns from investments, stands at Rs. 1.12 billion. This financial assessment comes at a critical juncture as the company has completed its expansion projects, including the procurement and installation of new plant and machinery and the execution of civil and mechanical works within the stipulated timelines.
The comprehensive review also addressed the utilization of funds in line with the commitments made in the IPO prospectus. Notably, the company opted to utilize 80 Kanal of land for its expansion project, although initially planning to acquire 100 Kanals, as the existing land was deemed sufficient for the intended construction and installation projects.
Overall, the report confirms that Fast Cables Limited has efficiently managed the proceeds from its IPO, ensuring compliance with the stated objectives and contributing to the company's strategic growth ambitions.