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China Boom to Churn Out Pakistan’s Largest IPO in Decade

  • Agha Steel plans to raise as much as $95 million this year
  • Company to triple output as China finances $55b in projects
Bloomberg business news

QuickTake: China's 'One Belt, One Road' Policy

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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 $55 billion in infrastructure projects across the nation and a buoyant stock market spurs investor demand.

The Karachi-based company plans to raise as much as 10 billion rupees ($95 million) selling a 25 percent stake, Executive Director Hussain Agha said in an interview. The sale will be the largest since the 12-billion rupees government stake sale of Habib Bank Ltd. in 2007, the country’s largest IPO yet.