BMA Capital Management Executes the Most Successful IPO in Pakistan

28 September, 2021

BMA Capital Management is highly pleased to announce that Octopus Digital’s Initial Public Offering (IPO) Book Building Portion has been concluded and the results were overwhelming. Octopus Digital’s IPO has broken all previous records at the Pakistan S tock Exchange (PSX), as the shares on offer were oversubscribed by a record 27-times and total bids received touched a whopping 30 billion rupees. Further, this was the fastest ever book building in the history of Book Building in Pakistan as the book was filled in less than 30 minutes. BMA Capital Management takes immense pride in bringing the first technology IPO in the last 7 years.

The record-breaking oversubscription, with the highest number of applicants, shows there is unwavering investor appetite for both the technology sector and companies that are backed by sound sponsors with a proven track record. It further elaborates the potential of the number of investors our Capital Markets can attract.

“Octopus IPO has proved that there is ample liquidity in Pakistan’s domestic markets for good companies, with good management and a strong business model. This is a historic moment for digital Pakistan – it shows there are successful exits possible in a market like Pakistan. We expect this event will be a catalyst for investments into digital Pakistan. BMA Capital hopes to bring many more such companies to the PSX. The success of this IPO is a result of team work across teams from Avanceon, Octopus, SECP, PSX and BMA Capital. ,” said Mr. Moazzam M. Malik, Chairman and Chief Executive Officer (CEO) of BMA Capital Management.

Bidding opened on Thursday morning at 9am at the minimum price per share of Rs29 and achieved final bid price per share of Rs40.60 (within the first hour of bidding), which is presently the maximum allowed for IPOs in Pakistan. The company has sold 20.5 million shares (or 75% of total shares on offer) to both Institutional and Individual investors at the close of bidding at 5pm on Friday. It is scheduled to offer the rest of the 25% (or Retail Portion) on September 16-17 this week.

BMA Capital Management has an unprecedented legacy of serving as a top-tier financial institution since 1992. Our Investment Banking Group has been a leading player in the transaction landscape of Pakistan, having advised on deals ranging from IPOs to privatizations to advisory. Since inception, our Investment Banking Group has closed transactions in excess of USD 12 billion, which include some of the landmark (such as stake sale of PTCL…etc.) transactions in Pakistan.

“My team took the task of catering to this unprecedented investor interest with zeal and I look forward to bringing more attractive investment opportunities for our investors on the PSX” stated Mr. Malik at the close of bidding on Friday.

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