Ex-Pack Corrugated Cartons Limited’s Rs. 700 million IPO, received over 6,000 applications, resulting in an 11X oversubscription. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021.
The IPO, which opened on October 22, was oversubscribed in a matter of minutes and thus, closed at 4.30 pm the same day.
Managing Director at Ex-Pack, Zulficar Ghouse said, “I take this opportunity to thank all those who placed their confidence in us and subscribed to our IPO. We look forward to having you onboard our journey and remain resolutely committed to delivering exceptional value to our investors, customers, people, communities and other stakeholders.”
Senior Vice President and Head of ECM and M&A at CAL, Rizny Faisal said, “We couldn’t be more pleased at the outcome of this issue and take this opportunity to congratulate Ex-Pack on presenting such a good case for investors. Given the unprecedented levels of interest in this issue, we have successfully guided the Company at every step of the way.”
Head of Investment Banking at Asia Securities, Sujendra Mather said, “We are proud to be Joint Managers to the Issue and would like to congratulate Ex-Pack for delivering one of the most sought-after IPOs of the year. The issue has seen exceptional demand from a diverse spectrum of investors and given the 11x oversubscription, we are quite confident of a positive secondary market performance of the share post commencement of trading.”