KARACHI: The UK-based holiday-owned company plans to launch in Pakistan’s capital market next year as it aims to become the country’s first-leading scrap in the hospitality and partial investment segment.
International Hospitality Investment Group (IHIG) Pakistan, a subsidiary of IHIG UK, plans to launch an initial public offering (IPO) in 2022.
Headquartered in London, IHIG is primarily involved in the development and marketing of jointly owned property in tourist destinations in the country. Noorul Asif, Chief Executive Officer of IHIG Pakistan, said that IHIG has received a strong response to the partial ownership program.
“An IPO will only add more credibility and transparency, which will accelerate the concept,” Asif said in a statement. IHIG is now rapidly promoting this unique concept of partial ownership in the Pakistani market. Families are becoming aware of the product and taking a keen interest in being part of the IHIG family to secure their future.
The firm intends to increase the size of its business as well as its portfolio. IHIG will spread to Lahore and Islamabad. IHIG has come up with the concept of partial ownership to meet the new demand of consumers to generate recurring passive income, and the portfolio of its investment in the property sector in Pakistan by offering its Mall Project Folio expanded. The project is marketed and managed by its partial ownership division of IHIG.
The Pakistan Stock Exchange (PSE) saw four IPOs last year when companies raised Rs 35.4 billion through IPOs in 2020 and got the right amount compared to Rs 35.7 billion raised in 2019. The preferred IPOs were from steel, meat processing, telecom, and chemical sectors, including listing of preferred shares.
Despite the spread of COVID-19 in this course, four IPOs (including listing of preferred shares) were seen during the year, where the deposit amounted to Rs. 8.4 billion. This year, the number of equity IPOs is the highest in the last five years. In 2019, the course saw an IPO of just Rs 5 billion.
“Along with improving the outlook in the stock market, many equity IPOs are in the pipeline. Seven companies like Shell Petroleum have already announced valid shares worth Rs 16 billion,” Topline Research said in a report. Said
In 2020, 14 companies raised Rs 27 billion through right shares with Fuji Fertilizer Bin Qasim, followed by Searle Pakistan with Rs 7.7 billion and Unity Foods with Rs 4.5 billion. In 2019, 17 companies raised Rs 30 billion through equity shares.