Engro book building gets good response

The book building process of Engro Fertilizers Limited (EFL), a fully owned subsidiary of Engro Corporation, that kicked off on Tuesday was over-subscribed on the first day of the three day (Tuesday-Thursday) with the company receiving bids for 70.6 million shares, against the offer of 56.2 million shares. That produced the indicative strike price at Rs23 per share, higher than the floor price at Rs20. Engro Fertilizers currently owns 1.22 billion outstanding shares. The company intends to raise capital through an initial public offering of 75 million shares with three-quarters or 56.25 million shares being offered to institutions and high net-worth individuals (HNWIs) through the ongoing book building process.