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Service Global raises Rs2.17bn in book-building

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KARACHI: Service Global Footwear Ltd (SGFL)—the second company to seek listing at the stock market in the current calendar year—raised Rs2.175 billion in the two-day book building. The issue was offered at the floor price of Rs38 per share with a maximum price band of up to 40pc ie Rs53.20 per share. Arif Habib Ltd, the lead manager and book runner for the IPO, said in a statement that the book building was over-subscribed by 5.8 times with price closing at the Rs53.20 per share. The IPO proceeds would be used by the company for investment in Service Long March Tyres Ltd (SLM), which is the first all steel radial truck and bus (TBR) tyre manufacturing unit in Pakistan, being set up through a joint venture between Service Group and Chaoyang Long March of China.