Lahore based Industrial group Ghani Global Holdings Limited (GGL), has announced that it will conduct a public IPO of its subsidiary Ghani Chemicals Industries Limited (GCIL).
In its submission to the Pakistan Stock Exchange (PSX), GGL stated that the board of GCIL, a medical and industrial gas producer in Pakistan, has decided to file for listing at Pakistan Stock Exchange. The listing price is not yet know and final price will be achieved through book building mechanism of PSX.
The company said the proceeds from the listing of its subsidiary will be used to “build two high-tech chemical plants for citric and sulfuric acid production in the industrial complex of Allama Iqbal in Faisalabad. to the tune of 8.5 billion rupees. “
GGL added that after securing the financial structure and the IPO, “GGL should own more than 50% of GCIL’s listed shares, and the expected GCL valuation ceiling for GCIL is around RUB 13 billion, based on the GCIL share price determination process.”
According to GGL’s 2021 Annual Report, the annual sales of Ghani Chemical Industries Limited (GCIL) for the fiscal year ended June 2021 amounted to Rs. 4,350 million compared to Rs. 2,330 million in the previous year, marking a 86.5% rise.