Pakistan-based rebar producer Agha Steel Pvt Ltd (Agha Steel Industries) plans to raise up to PKR 5 billion ($30 million) in an initial public offering (IPO) of its shares, as demand for its products has been boosted by a construction boom in Pakistan, according to a media report from Bloomberg.
The IPO in question will be the biggest for a steel firm in Pakistan. Previously, Amreli Steel Ltd raised PKR 3.8 billion in 2015.
China is financing the construction of dams and power plants in Pakistan, driving the demand for construction material, supporting steelmakers, which in return improves economic prospects.
Agha Steel plans to sell 120 million shares at a floor price of PKR 30 per share.