Air Link is Aiming for The Biggest Private Sector IPO in Pakistan

Air Link Communication Ltd. – the official distributor of Huawei, Samsung, iPhone, Tecno, TCL, iTel, and Xiaomi in Pakistan – plans to rally $36 million (Rs. 5.85 billion) through an initial public offering, reported Bloomberg.

The distributor is looking to achieve this by selling new and existing shares at a principle price between 65-91 rupees each, according to CEO Muzaffar Hayat Piracha. Investor orders will be issued on 30th and 31st August 2021, after which the stock will be given a per-share value before making it available for purchase.

Starting its operations in Pakistan’s tech space almost a decade ago, Air Link has become one of the largest distributors of cellphones in the country, owing to a massive rise of 50% in sales (more than 3.6 million units) for FY 2020-21.

In lieu of the underlined developments, the company plans to roll out 60 million new shares through the stock market’s book-building process that could go anywhere between 65 and 91 rupees per share. Added to this, the Air Link CEO will sell 30 million shares from his holdings, said CEO JS Global Ltd. Kamran Nasir.

Air Link expects to triple its revenue to Rs. 129 billion and its net income to surge by more than 500% to Rs. 9.2 billion in the next five years, he added.

Source: Pro Pakistani