PSX Holds Gong Ceremony on Listing of BF Biosciences Ltd
The Pakistan Stock Exchange (PSX) celebrated the listing of BF Biosciences Limited (BFBIO) with a gong ceremony. BFBIO is a pharmaceutical joint venture between Ferozsons Laboratories Ltd and the Bago Group of Argentina.
BF Biosciences has been instrumental in establishing Pakistan’s biotech manufacturing sector. During the Covid-19 pandemic, it played a key role in exporting biotech pharmaceuticals. BFBIO produces biological medicines for cancer, chronic kidney disease (CKD), and Hepatitis-C for both local and international markets.
Key Figures and Attendees
The ceremony saw notable attendees including Osman Khalid Waheed (CEO of Ferozsons Laboratories Limited), Mr. Farhan Rafiq (COO of BF Biosciences Limited), Rallys Eduardo Pliauzer (Group Director, Grupo Empresarial Bago S.A.), and Shahid Ali Habib (CEO of Arif Habib Limited, the Lead Manager to the Issue). Representatives from PSX included Nihal Qasim (PSX’s Director), Dr. Fakhara Rizwan (PSX’s Company Secretary & Chief Legal & Corporate Affairs Officer), and other senior management members. The Argentinian Ambassador to Pakistan, Sebastian Sayus, also graced the occasion.
Fundraising and Bookbuilding
BF Biosciences Limited planned to raise Rs. 1,375,000,000 by issuing 25,000,000 ordinary shares with a face value of Rs. 3 each, at a floor price of Rs. 55 per share. The issue was offered through a 100% book-building method. Initially, 75% of the issue size, i.e., 18,750,000 shares were allotted to successful bidders, and 25%, i.e., 6,250,000 shares were offered to retail investors.
The book-building, held on September 25 and 26, 2024, was highly successful, resulting in a strike price of Rs. 77 per share. A total participation of Rs. 4,670 million against the issue size of Rs. 1,375 million was received, translating to an oversubscription of 3.4 times.
Public Subscription
For the public subscription portion, applications for 6,325,000 shares against the issue size of 6,250,000 shares were received. Overall, 2,743 applications for 6,325,000 shares amounting to Rs. 487,025,000 were received. The PSX E-IPO service facilitated 372 applications for 418,500 shares amounting to Rs. 32,224,500.
Statements from Key Figures
Dr. Fakhara Rizwan stated, “The successful completion of the IPO and listing of BF Biosciences Limited is a proud moment for Pakistan Stock Exchange, where the issue was oversubscribed by 3.4 times. This will be a valuable addition to the pharmaceutical sector of the Exchange, providing increased options for investors.”
Rallys Eduardo Pliauzer expressed pride in the company’s growth, noting that BF Biosciences is the first joint venture of the Bagó Group outside Latin America and the first to be publicly listed. He expressed confidence in the company’s future success, emphasizing the support from Bagó and Ferozsons.
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Osman Khalid Waheed highlighted Ferozsons’ legacy, noting that the company’s public listing aligns with its founding vision. He detailed BF Biosciences’ contributions to reducing treatment costs and expanding its product portfolio, including critical drugs like human insulin and treatments for HIV.
Farhan Rafiq thanked investors for their trust and shared the company’s achievements and future plans, including a promising product portfolio and a strong team ready to meet patient needs and investor expectations.
Shahid Ali Habib praised the exceptional participation from diverse institutional investors, leading to an impressive oversubscription and demonstrating strong confidence in the offering.
