The Service Global Footwear Limited has managed to raise Rs2.175 billion through a two-day book-building, which saw participation from institutions and high net-worth investors. The book-building was over-subscribed 5.8 times, with the share price closing at Rs53.2. It saw a total demand of Rs8.946 billion received against the issue size of Rs1.554 billion. The IPO proceeds will be invested by the company in Service Long March Tyres Ltd, which will establish a tyre manufacturing unit in Pakistan through a joint-venture between Servis Group and Chaoyang Long March of China. Related: Service Global Footwear IPO: How much the stock is worth? “SGFL will receive a greater amount
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