No Bank verification required for KAPCO IPO in Pakistan
Pakistan Times Business & Commerce Desk

ISLAMABAD: The Privatization Commission has confirmed that applicants submitting applications for KAPCO shares along with pay orders do not have to get their bank account details verified from their banks.

The account details only would have to appear on the application form and no verification would be needed in a bank for applying through that bank or branch.

However, the applicant should have an account in some bank to facilitate refunds in cases of unsuccessful applications. The Governor State Bank of Pakistan and the heads of major banks have issued necessary instructions to their respective regions.

They have been asked to obtain the details of NIC, Bank name/Branch, Account number and not to ascertain any additional information from the applicants.

The Initial Public Offering (IPO) of KAPCO shares, which was opened on February 21, 2005 will enter the fourth and final day of subscription on February 24, 2005 (Thursday) during banking hours.

Tomorrow being the last day for receiving the applications is expected to witness historic response and no extension in subscription date will be made.

KAPCO shares are offered at the Government's offer price of Rs. 30/- per share with a total investment of Rs. 15,000/- only for 500 shares. The price for KAPCO IPO is inclusive of the transfer fee and thus no additional transfer fee would be charged to the subscribers.

The third day of KAPCO shares subscription also received enthusiastic and overwhelming response from the general public and long queues were witnessed outside the branches of the bankers to the offer in all the major cities and the rural areas of the country.

Under the slogan of 'Privatization for the People', through the sale of 20% (176 million) shares of KAPCO a number of 316000 common citizens of Pakistan are expected to benefit to the tune of about Rs. 5 billion in the light of provisional trading of the scrip in the Stock market.●