LAHORE - The Ittefaq Iron Industries Limited has been formally listed on the PSX.

A ceremony was held at the PSX trading hall where Mian Javed Shafi, the Chairman of Al Shafi Group, rang the traditional opening bell marking the first trading day of the company. The company has floated 41,750,000 ordinary shares at an opening price of Rs30.2 per share comprising 32 percent of the post-IPO paid up capital of the company. The IPO was conducted through a book building process with 75 percent allocation to institutional and High Net Worth individuals while the remaining 25 percent shares were offered to the retail investors. The company is based in Punjab and manufactures steel bars for onward supply to various construction projects across the country. Next Capital Limited was the Lead Manager and Arranger for the IPO of the company.