This case examines the initial public offering (IPO) decision made by At-Tahur Limited during 2017. The outstanding performance of the equity market led the company to decide in favour of stock issuance to finance its required expansion. However, soon after the company started its IPO process till the month when the shares were floated in the market, Pakistan Stock Exchange experienced its worst decline since the financial crisis, with the index dropping by 17% over the one year from July 2017 to July 2018.

The IPO was oversubscribed, and the company was able to sell its shares at PKR 21 per share, higher than the floor price of PKR 20. The strong demand for the company’s shares and a successfully completed stock offering transaction during one of the most difficult periods in capital market history left the IPO management team confused about whether PKR 21 was an appropriate price for the company’s share and if it was the correct time for the company to go public.

The case provides an opportunity to discuss the valuation of unseasoned equity using market multiples and discounted cash flow models. Students are invited to value At-Tahur’s stock in light of the company’s planned expansion and take a position on whether the IPO strike price of PKR 21 was correct. The case also allows for a discussion of IPO trends, costs and benefits of going public and the IPO underpricing phenomenon.

本案审查了 At-Tahur Limited 在 2017 年做出的首次公开募股 (IPO) 决定。股票市场的出色表现促使该公司决定支持发行股票以资助其所需的扩张。然而，在该公司启动 IPO 程序后不久，直到股票上市当月，巴基斯坦证券交易所经历了金融危机以来最严重的跌幅，该指数在 2017 年 7 月至 7 月的一年内下跌了 17%。 2018 年。

首次公开募股获得超额认购，公司能够以每股 21 巴基斯坦卢比的价格出售其股票，高于 20 巴基斯坦卢比的底价。 在最困难的时期之一，对公司股票的强劲需求和成功完成的股票发行交易在资本市场历史上，IPO 管理团队对 PKR 21 是否是公司股票的合适价格以及公司上市的正确时间感到困惑。

该案例提供了一个机会，可以使用市场倍数和贴现现金流模型来讨论未成熟股票的估值。邀请学生根据公司的扩张计划对 At-Tahur 的股票进行估值，并就 PKR 21 的 IPO 执行价格是否正确发表意见。该案例还允许讨论 IPO 趋势、上市成本和收益以及 IPO 抑价现象。