Karachi: The Initial Public Offering (IPO) of BF Biosciences Limited (BFBIO) has concluded with a notable investor response, according to Arif Habib Limited. The Book Building process, held on September 25-26, 2024, established a strike price of PKR 77 per share, reflecting robust market interest.

The IPO aimed to raise PKR 1,375 million but garnered substantial attention, resulting in a collection of approximately PKR 4,670 million, indicating an oversubscription of 3.4 times the intended amount. According to information available from the Pakistan Stock Exchange (PSX), this significant interest stemmed from diverse segments of the financial community.

In total, 241 investors participated in the IPO's Book Building phase. Out of these, 185 were successful in acquiring shares. The shares were distributed among various categories of investors. Mutual Funds and TREC Holders received the majority, with allocations of 5,347,039 and 5,647,657 shares respectively. Commercial Banks were allocated 2,718,864 shares, while High Net Worth Individuals received 2,467,784 shares. Other Institutional/Corporates were allocated 1,296,802 shares, Insurance Companies got 1,259,378 shares, and Provident/Pension Funds received 12,476 shares, totaling 18,750,000 shares distributed among the successful investors.

This IPO not only underscores the confidence in BF Biosciences Limited’s business model and future prospects but also highlights the vibrant activity in Pakistan’s equity market, drawing significant interest from both institutional and individual investors.