Home Business & Finance Service Global Footwear Limited raises Rs. 2,175 million

Service Global Footwear Limited raises Rs. 2,175 million

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Service Global Footwear Limited (SGFL) successfully raised Rs. 2,175 million through a two-day book building which saw a broad-based participation from institutional and high net-worth investors. The book building was over-subscribed by 5.8 times with price closing at the Rs. 53.2 per share. The book building saw a total demand of Rs. 8,946 million received against the issue size of Rs. 1,554 million.

Arif Habib Limited is the Lead Manager and Book Runner for this IPO.

Service Global Footwear is the largest footwear exporter out of Pakistan since the last decade; in last two years, it has accounted for over 40% of the total leather footwear exports of the country. SGFL exports more than 95% of its total production; in calendar year 2020, it exported footwear to 20+ countries over 5 continents.

The Company supplies footwear to global brands like Zara, Caprice, Diana Ferrari, Dockers, Jack & Jones, London Rebel, etc.

The IPO proceeds will be invested by the Company in Service Long March Tyres Ltd. (“SLM”) which is the first All Steel Radial Truck & Bus (TBR) Tyre manufacturing unit in Pakistan, being setup through a Joint-Venture between Servis Group and Chaoyang Long March of China.

The book building saw participation from 454 investors which included major commercial banks, insurance companies, local and foreign institutions, asset management companies, TREC holders and high net worth individuals.

The general public will be offered shares on 12th and 13th April at a price of Rs. 53.2 per share.

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