Ghani Dairies Limited’s initial public offering has been oversubscribed by 3.10x, with strong participation from institutional and high-net-worth investors, according to a disclosure submitted to the Pakistan Stock Exchange.

The strike price for the IPO has been set at Rs. 33 per share, determined through the book building process conducted on February 2 and 3, against a floor price of Rs. 24 per share.

According to the filing by JS Global Capital, total bids of Rs. 5.817 billion were received against an issue size of Rs. 1.876 billion, translating into an oversubscription of 3.10 times. A total of 771 investors participated in the book building process, out of which 223 investors were declared successful.

The total number of shares allocated under the book building portion stood at 78.15 million shares.

Category-wise data shows that mutual funds emerged as the largest participants, receiving 28.47 million shares, followed by high-net-worth individuals with 26.40 million shares. Insurance companies were allocated 4.88 million shares, while commercial banks received 5.57 million shares.

Employees’ provident and pension funds were allotted 2.54 million shares, securities brokers 1.89 million shares, development financial institutions 2.98 million shares, and other institutional investors 5.42 million shares.

The IPO is being underwritten by JS Global Capital Limited and Bashir Kasim Textile Limited, with a total underwriting commitment of Rs. 8.595 billion. The underwriters are entitled to a commission of 1 percent, while the take up commission is also set at 1 percent, according to the prospectus supplement.

Following completion of the book building process, the remaining shares will be offered to retail investors at a price of Rs. 33 per share.

The prospectus supplement related to the IPO has been published in newspapers in line with the Public Offering Regulations, 2017, for information and dissemination to investors.