Karachi August 7 2024: BF Biosciences, a subsidiary of Ferozsons Laboratories, is going to list on Pakistan Stock Exchange at a price of PKR 55.0 per share.
The BF Biosciences manufacturing facility is a pioneer in the Biotechnology sector in Pakistan.
The Company plans to raise PKR 1,375,000,000/- at a Floor Price of PKR 55.00/- per share through IPO.
The IPO proceeds will primarily be used to purchase plant & machinery to expand the product range and improve efficiency, acquire export certifications such as PIC/S and SRA and new product development including Glucagon-like Peptide (GLP1) and finance working capital requirements for purchase of raw and packing materials to meet post-expansion working capital needs. Any additional funds raised above the floor price shall be utilized by the Company in managing its additional CAPEX and working capital needs, which has been explained in other sections as well. Maximum strike price can be PKR 77.00/- per share and maximum funds raised can be PKR 1,925,000,000.
Any additional funds raised above the floor price shall be utilized by the Company in managing its additional CAPEX and working capital needs, which has been explained in other sections as well. Maximum strike price can be PKR 77.00/- per share and maximum funds raised can be PKR 1,925,000,000.
The Issue consists of 25,000,000 Ordinary Shares (i.e. 28.30% of the total post-IPO paid up capital of BF Biosciences Limited) of face value of PKR 3.00/- each.
The entire Issue will be offered through Book Building Method at a Floor Price of PKR 55.00/- per share (including premium of PKR 52.00/- per share) with a maximum price band of up to 40%. The Bidders shall be allowed to place Bids for hundred percent (100%) of the Issue size and the Strike Price shall be the price at which the hundred percent (100%) of the Issue is subscribed. However, the successful Bidders shall be provisionally allotted only seventy-five percent (75%) of the Issue size i.e. 18,750,000 shares and the remaining twenty-five percent (25%) i.e. 6,250,000 shares shall be offered to the retail investors through General Public portion.
General Public portion of the Issue comprises of 6,250,000 ordinary shares (25% of the total issue) at the Strike Price. In case retail portion of the Issue remains unsubscribed, the unsubscribed shares will be allotted to the successful Bidders of book building on a pro rata basis.
BF Biosciences Limited (BFBL) was incorporated as an unlisted public limited company under the Companies Ordinance, 1984 (now Companies Act, 2017) in 2006, and operates within the pharmaceutical industry. BFBL is a joint venture between Ferozsons Laboratories Limited and the Bagó Group of Argentina. The Company’s core operations involve the import, manufacturing, marketing and distribution of pharmaceutical products. BFBL distinguishes itself by producing life-saving medications that are accessible to all.
