The initial public offering (IPO) of Burj Clean Energy Modaraba, conducted on September 25 and 26, 2024, received an enthusiastic response from investors. According to the subscription figures compiled by M/s CDC Share Registrar Services Limited, applications for a total of 10,244,000 certificates were received, surpassing the issue size of 10,000,000 certificates. The IPO was oversubscribed by 244,000 certificates.
Subscription Summary
The details of the subscription are as follows:
| Application Category of Shares | Number of Applications | Number of Certificates | Amount (PKR) |
|---|---|---|---|
| 500 | 99 | 49,500 | 495,000 |
| 1000 | 67 | 67,000 | 670,000 |
| 1500 | 12 | 18,000 | 180,000 |
| 2000 | 46 | 92,000 | 920,000 |
| Above 2000 Shares | 106 | 10,017,500 | 100,175,000 |
| Overall Total | 330 | 10,244,000 | 102,440,000 |
The total amount raised through the subscription is PKR 102,440,000.
Oversubscription and Allotment
The offering was oversubscribed by 244,000 certificates, amounting to PKR 2,440,000. The company has announced that applications for up to 2000 certificates will be allotted in full. For applications exceeding 2000 certificates, allotment will be made on a pro-rata basis. The final details regarding the pro-rata allotment will be communicated to the applicants at a later stage.