KARACHI, May 8 (Reuters) - Lucky Cement (LUKC.KA), Pakistan’s biggest cement maker, said on Thursday it raised $109.3 million through the issue of global depositary receipts (GDRs) to be listed on the London Stock Exchange.
Lucky said it sold 15 million GDRs at $7.28, or 480 Pakistani rupees, each. Each GDR is equivalent to four shares of Lucky.
“An overwhelming response was received from the international investors and the issue was oversubscribed more than 2.5 times,” the company said in a statement to the Karachi Stock Exchange.
Lucky had said in July last year it would use the funds raised through the global listing for expansion.
It plans to raise its cement manufacturing capacity by 2.5 million tonnes a year by building two additional lines in Karachi.
Lucky has about an 18 percent share of the Pakistani cement market and an installed production capacity of 6.55 million tonnes a year.
Lucky’s GDR issue was managed by Merrill Lynch MER.N and Pakistan’s KASB Capital. (Reporting by Sahar Ahmed; Editing by Anshuman Daga)