Here’s the latest dispatch from our friend and long-time subscriber Jonathan Auerbach, whose NYC-based brokerage firm, Auerbach Grayson, makes markets in some of the world’s most exotic places:
Save $200 on
The Hidden Pivot Webinar.
Offer extended through Friday (9/3).
”As I peruse this morning’s Pakistan headlines I am truly relieved that there are no new suicide bombings listed, nevertheless we do have announcements of drones, terrorists killed, militants apprehended,compounds cleared in places like Swat and Waziristan; to add to this Dante-esque litany of hourly dismay are moments of keystone kops absurdness such as a protest by the US Ambassador today to the Pakistan Ministry of Foreign Affairs to cease ‘provocative actions” of stopping cars, driven on behalf of US officials, carrying bogus license plates.’ Kind of makes you want to howl… what are we doing there? If you are not yet completely worked up and shouting, let me take you slowly down from the ridiculous to the sublime and the chaos of Pakistan to calmly address the IPO of the Fatima Fertilizer Company which plans a dutch auction on the Karachi Stock Exchange next week of 150 million shares.
“The offering will be conducted as a transparent ‘book building’ with a minimum price of PKR 10. At that price the aggregate value of the offering would be ~$23 million and the market cap of the company ~$230 million. We expect the price to be higher than the minimum. If you want to pariciapte as a US institution you must be a QIB since we shall rely on Rule 144a on placing the shares. We can provide you today with an offering circular and a summary of the company’s activities. We have scheduled a conference call with company management for tomorrow morning at O830. If you decide to bid on the shares you must arrange for a deposit margin to be escrowed at the exchange and clearly you will need a local custodian or have us arrange one for you. If you are interested please contact me or Anshuman Ray of our Southern Asia desk.”
Ads are by Google and do not represent the views of Rick's Picks or its affiliates.
Comments on this entry are closed.