KARACHI: Inbox Business Technologies has postponed the book-building process keeping in view political uncertainly amid the joint investigation team (JIT) probing allegations of money-laundering against Prime Minister Nawaz Sharif and his family.
While the JIT submitted its report to the Supreme Court on Monday, the future of the current government is hinged on uncertainty.
The KSE-100 Index, a benchmark for market performance, has endured a volatile ride during the time of the Supreme Court proceedings.
Given the situation, Inbox Business Technologies announced that it would reschedule its book-building process. The book-building is a Dutch-bidding process to determine a strike price to sell company’s shares to high net-worth individual, institutional and retail investors. Later on, the firm would get listed at Pakistan Stock Exchange and its shares would remain available for public trade.
The company was scheduled to hold the book-building for the initial public offering on July 11-12, 2017.
“However, in light of the current volatile and uncertain investment environment, the Company has decided to postpone the book building and public subscription process for the time being,” the company said.
The Company, through the consultation to the issue, will approach the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan for finalisation of dates for the book building and public subscription once the Company decides to proceed further with the initial public offering, it said.
The PSX, which recently held book-building under the same uncertain environment, faced tough times. It had to extend the duration of the book-building process three times.
In addition to this, its strike price remained the same at floor (bid opening) price of Rs28 per share.