Karachi: The initial offering of Burj Clean Energy Modaraba, which took place on September 25 and 26, 2024, has been over-subscribed, receiving applications for 10,244,000 certificates against the offered 10,000,000 certificates. This was confirmed by CDC Share Registrar Services Limited on September 30, 2024, which showed a total subscription amounting to PKR 102.44 million.

According to information available from the Pakistan Stock Exchange (PSX), the detailed subscription data revealed a strong investor interest across various share categories. A total of 330 applications were submitted, with the largest amount of subscriptions recorded for certificates above 2,000 units, which alone attracted 106 applications and amounted to PKR 100.18 million.

The breakdown of the subscription includes applications for 500 units receiving 99 applications, 1000 units with 67, 1500 units attracting 12 applications, and 2000 units receiving 46 applications. The subscription was not only robust in terms of number but also in the diversity of unit sizes applied for, highlighting the investor confidence in Burj Clean Energy’s financial prospects.

This initial offering's success is a positive indicator for the renewable energy sector in Pakistan, as Burj Clean Energy Modaraba aims to leverage this capital influx to expand its operations and enhance its energy projects. This over-subscription reflects a growing trend towards sustainable investments within the country's evolving economic landscape.