Pakistan: Fast Cables Initial Public Offering – OpEd


Fast Cables Limited (FAST), a well-established name in the cable industry of Pakistan began operations in 1985. In December 2008 FAST was incorporated as a Public Limited Company. FAST specializes in the manufacturing of electrical cable and conductors. The Company’s product range encompasses Low voltage cables, Medium voltage cables and Bare Conductors. Renowned for its commitment to innovation and cutting-edge technology.

FAST has consistently led the cable industry in Pakistan with the largest market share. Operating with a diversified business model, the Company engages in B2B, B2C and B2G channels. In B2B, the Company supply cables to some of the leading private sector corporations like K-Electric. In B2C segment it distributes products to authorized dealerships across Pakistan. It undertakes customized orders of special cables to a diversified customer base.In the B2G segment, products are sold to DISCOs and other public sector entities.

Transaction overview 

The purpose of the issue is to raise funds to finance the procurement of land, construction of building at the new land to be acquired, installation of plant and machinery, and to repay loans pertaining to the building construction and plant & machinery – leading to a 32% increase in production capacity. 

The newly added capacity will be utilized for the manufacturing of existing products portfolio (copper and aluminum), to fulfill the demand for specialized cables for specific customer requirements.

The issue comprises of 128 million ordinary shares each with a face value of PKR10.00, constituting 20.35% of the Company’s post-IPO paid-up capital.

Priced at a floor price of PKR23.5/share, represents a premium of PKR13.5, with a price ceiling of PKR32.9, marking a 40% increase from the floor price.

A 75% of the issue or 96 million shares will be allotted via the book building process while the remaining 25% will be offered to retail investors through general subscription. 

Book Building Dates: 15 to 16 May  2024

Public Subscription Dates:  22 to 23 May 2024

Shabbir H. Kazmi

Shabbir H. Kazmi is an economic analyst from Pakistan. He has been writing for local and foreign publications for about quarter of a century. He maintains the blog ‘Geo Politics in South Asia and MENA’. He can be contacted at [email protected]

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