AKD Securities Limited - AKD Daily.

Karachi -- June 09, 2021 (PPI-OT)

Pakistan Pharma: Citi Pharma - Subscribe till PkR34.4/sh

Citi Pharma Limited (CPL) has filed intention to list on the PSX, with the book building scheduled to commence on 15th Jun'21. The company intends to raise PkR2.035bn (at a floor price of PkR28/sh) for expansion of existing API and Formulation Segments and invest in State-of-the-art Hospital.

The company plans to enhance the capacity of Paracetamol from 3,600 to 6,000 tonnes, dry powder from 20,000 to 60,000 units per day, capsules from 100,000 to 4.2mn units per day and tablets from 2mn to 4.5mn units per day and add production facility of Injectable at 200,000 vials per day.

CPL recorded 93% of its revenues from API segment and the remaining 7% from Formulation business in FY20 with major clients namely GLAXO (which accounted for 52% of the revenue), SEARL, ABOT, and Novartis. Sales revenue has...