https://arab.news/54qjp
- The company says it generates income through two prime real-estate projects in Karachi
- The IPO, comprising 92,015,467 units, will be conducted through 100% Book Building method
KARACHI: IMAGE, a Pakistani Shariah-compliant real estate trust, is set to raise Rs920 million ($3.3 million) through an initial public offering (IPO) at the Pakistan Stock Exchange (PSX), it said on Tuesday.
The company says it generates income through two prime projects in Karachi: an 8-floor, fully occupied commercial building on Shahrah-e-Faisal and a residential-cum-commercial project, which is expected to generate both sales and rental income.
The IPO, consisting of 92,015,467 units of the Real Estate Investment Trust (REIT) scheme, will be conducted through a 100 percent Book Building method, with a floor price of PKR 10 per unit, and a price band of up to 40 percent (i.e., PKR 14 per unit), according to the firm.
“Proceeds from the IPO will be utilized for the completion and marketing of 11 residential floors of the Developmental REIT project,” IMAGE said in a statement. “The Central Depository Company of Pakistan Limited (CDC) has been appointed as the Trustee of IMAGE REIT.”
The retail portion will comprise 25 percent of the total issue size and will be offered to the general public at the strike price determined post-Book Building, IMAGE said, describing it as an opportunity for investors to capitalize on “recovering” real estate market.
The IMAGE REIT scheme is managed by Sinolink REIT Management Company Limited, a licensed firm dedicated to developing innovative, Shariah-compliant investment opportunities in Pakistan’s real estate sector, providing both institutional and retail investors with access to professionally managed real estate portfolios.
“Topline Securities and Growth Securities are joint Consultants and Book Runner for this IPO,” IMAGE added.