Air Link Plans Pakistan’s Biggest Private Sector IPO

Air Link Communication Ltd. plans to raise at least 5.85 billion rupees ($36 million) through an initial public offering (IPO) this month, which would be the largest from a non-state firm in Pakistan.

The Lahore-based company plans to sell new and existing shares at a price between 65-91 rupees each, Chief Executive Officer Muzzaffar Hayat Piracha said in a reply to queries Friday. It will take investor orders on Aug. 30 and 31 and then price the offering.

Air Link Plans Pakistan’s Biggest Private Sector IPO

Pakistan has seen a record streak of IPOs this year. Air Link, which started operations about a decade ago and has since become one of the largest distributors of phones in the country, saw sales rise 50% to 3.6 million units in the year ended June.

The company plans to issue 60 million new shares and Piracha will sell 30 million from his holdings, said Kamran Nasir, CEO at JS Global Capital Ltd., consultant and bookrunner to the transaction. The IPO will be the largest since Interloop Ltd. raised about 5 billion rupees in 2019.

Air Link, which has also recently expanded into mobile assembling, plans to use the funds to expand its distribution network. It aims to have 150 outlets by 2026 from 14 currently, which will boost margins together with the assembly business, said Nasir.

The company expects its revenue to triple to 129 billion rupees and net income surging 500% to 9.2 billion rupees by fiscal 2025 from 2020, according to Nasir.

Check Also: Partnership with Peshawer Zalmi for PSL 6 Announced by Airlink Communications

Onsa Mustafa

Onsa is a Software Engineer and a tech blogger focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature. Contact: [email protected]
Back to top button
>