Agha Steel plans Pakistan's largest IPO in a decade in response to China boom

Karachi

AGHA Steel Industries Ltd is planning Pakistan's biggest-ever private sector initial share sale this year to help boost output as China funds more than US$55 billion in infrastructure projects across the country and a buoyant stock market spurs investor demand.

The Karachi-based company plans to raise as much as 10 billion rupees (S$133 million) selling a 25 per cent stake, executive director Hussain Agha said. The sale will be the largest since the 12 billion-rupee government stake sale of Habib Bank Ltd in 2007, the country's largest IPO yet.