SECP approves IPO of Service Long March Tyres

The Securities and Exchange Commission of Pakistan (SECP) approved the initial public offering (IPO) of Service Long March(SLM) Tyres. After the latest approval, the total number of IPOs this fiscal year has reached 12. According to the SECP, the company will offer more than 389. 7 million shares to investors through the book-building method. “Of the total offering, 75% of shares have been allocated to institutional and high-net-worth investors, while the remaining 25% are reserved for retail investors, ” the SECP said. The commission further said that the steady flow of new listings reflects continued investor interest and provides fresh opportunities in the market. The statement added that despite a 14. 54% decline in the KSE-100 Index during the US-Iran conflict, strong participation by local investors helped sustain overall market confidence. It advised investors to carefully review the company’s prospectus before making any investment decisions. SLM is an all-steel radial truck and bus (TBR) Tyre manufacturing company in Pakistan, established through a JV between Servis Group and Chaoyang Long March of China. Service Industries Limited and its subsidiary, Service Global Footwear Limited, hold 32. 09% and 18. 91% equity stakes in SLM, respectively.

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