K-Electric Closes Sukuk PKR 25 Billion Sukuk Issuance Two Weeks Ahead of Schedule

Pakistan-based, power utility company K-Electric, announced on the 10th of August 2020, the successful closure of its PKR 25 billion Sukuk issuance, the largest Sukuk issued in Pakistan’s private sector.

K-Electric had previously raised PKR 23.7 billion of the total via a pre-initial public offering (IPO) placement, with the remaining PKR 1.3 billion raised through an IPO to the general public, with a minimum per certificate subscription of PKR 5,000.

With the IPO portion of the Sukuk being over-subscribed by close to 2.5 times, K-Electric was able to close the subscription on the 3rd of August 2020, two weeks earlier than planned. The Sukuk carries a seven-year tenure, inclusi...