Lahore: Fast Cables Limited has released its annual progress report detailing the utilization of proceeds from its Initial Public Offering (IPO) as of June 30, 2026. The report, dated November 11, 2026, was reviewed by the external auditors M/s. Crowe Hussain Chaudhury & Co., as per regulations 16(ii) of Chapter VIII of the public offering regulations, 2017.
The company successfully raised Rs. 3,129,600,000 through the issuance of 128 million ordinary shares, each valued at Rs. 24.45, representing 20.35% of the company's post-IPO share capital. Trading of these shares on the Pakistan Stock Exchange Limited commenced on June 10, 2024. According to information available from the Pakistan Stock Exchange (PSX), the listing process was completed efficiently, marking a significant milestone for Fast Cables Limited.
The report outlines the implementation status of several commitments made in the company's prospectus. Notably, the installation of plant and machinery and the execution of civil works in the existing facility were completed by Q3 FY 2024. Additionally, mechanical and electrical work in the existing facility reached completion within the same timeframe.
A noteworthy deviation occurred in the land acquisition phase. Although the prospectus indicated a requirement for 100 Kanals, the company acquired 43 Kanal 14 Marlas, 186 Sq ft, citing non-availability of suitable land parcels at viable rates. Instead, the expansion was executed on 80 Kanals, including land acquired in June 2023 from the company's funds, which was deemed sufficient for the project.
Fast Cables Limited fulfilled its commitment to loan repayment by Q4 FY 2024, and all subsequent phases, including the execution of civil works and procurement of plant and machinery on the acquired land, were completed by Q3 FY 2025. Trial production and commercial production commenced as projected in Q1-Q2 2026.
The detailed financial breakdown reveals that Rs. 3,008,000,000 of the IPO proceeds were utilized, with significant allocations for plant and machinery, land, and construction works. A surplus of Rs. 747,763,000 remains, while profits generated from bank deposits and mutual fund investments amounted to Rs. 328,976,000 after taxation.
The comprehensive report emphasizes Fast Cables Limited's adherence to its outlined commitments and strategic financial management, reflecting a robust progression of its expansion projects.