MARKETS
Service Long March Tyres Limited (SLM), a subsidiary/associated company, has filed its prospectus with the Pakistan Stock Exchange for the listing of its shares, marking a significant step toward its initial public offering (IPO).
According to the company, SLM aims to raise between Rs5.6 billion and Rs7.8 billion through the IPO. The proposed offer comprises 389.7 million ordinary shares at a floor price of Rs14.25 per share, representing a 5% stake in the company post-listing.
The proceeds from the IPO will be utilized to establish a Passenger Car Radial (PCR) tyres project, with an estimated total cost of Rs22.5 billion. The remaining funding requirements for the project will be met through long-term financing and the company’s internal cash flows.
The planned investment is expected to strengthen local tyre manufacturing capacity and support the development of Pakistan’s automotive sector. – ER News Desk
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