Sardar Ali Wattoo

Eid al Azha Mubarak to you and your loved ones.

Service Long March IPO 📅 Registration Window for Book Building
13–15 May 2026
🏦 Book Building (Bidding) Dates 18–19 May 2026

💰 Valuation: Floor & Ceiling
Floor Price: PKR 14.25 per share
Ceiling Price: PKR 19.95 per share
Implied P/E: 8.3x (floor) — 11.6x (ceiling)

SLM is a joint venture between Service Group — Pakistan's largest industrial conglomerate — and Chaoyang Long March of China 🤝🇵🇰🇨🇳

Service Group holds 49.35%
Chaoyang Long March holds 42.57%

📊 SLM FY2026 estimated revenue: ~PKR 67 billion (vs PKR 50 billion in FY2025) 📈

🛞 1.6 million TBR tyre capacity per year
🏆 43% domestic market share
🌍 ~5% global export share

📉 Floor P/E: 8.3x
📈 Ceiling P/E: 11.6x
For context:
Service Global: 11.55x P/E
Servis Industries: ~74x P/E
SLM at 8.3x is structurally deeply discounted 💡

🏆 Pakistan's No.1 TBR Tyre Brand
🏅 Leading Exporter
🏆 PM Excellence Award 2026

🕌 Shariah compliant — certified by Al-Hilal Shariah Advisors

🎯 Tax-exempt under SEZ framework until FY2032 — fiscal advantage

💰 Floor: PKR 14.25
💰 Ceiling: PKR 19.95
📦 Total raise: PKR 5.55 billion at floor

⚙️ TBR capacity expanding from 1.6m → 2m tyres by July 2026

🇵🇰 43% domestic market share — Pakistan’s only local TBR tyre manufacturer.
🔥 Zero domestic competition

🌍 Export revenue: PKR 18.91 billion
🇺🇸 10th largest TBR exporter to USA
🇧🇷 7th largest to Brazil

📦 Distribution: 30+ cities, 100+ dealers
☀️ Renewable energy: 12 MW solar + 7.5 MW wind (in process)

🔧 IPO funds the new PCR (Passenger Car Radial) tyre facility
🗓️ Operational: January 2028

🚗 PCR capacity: 2 million tyres/year
🇵🇰 Pakistan’s PCR market: 8.65 million units/year
📉 Import gap: 3.85 million tyres
SLM is positioned to capture this unmet demand

🏗️ Total PCR project cost: PKR 22.56 billion
IPO covers 24.6% — rest via long-term loans + internal cash

📈 Revenue CAGR FY2023–FY2026E: 61.2%
💵 FY2026E Net Profit: PKR 13.14 billion
📊 ROE: 37.4%

📈 Projected earnings CAGR FY2025–FY2028: 33.58%
A high-growth, high-margin business 🔥

📦 IPO Structure:
389.73 million shares (5% of post-IPO capital)
Book Building: 292.3 million shares
Retail/Public Offer: 97.4 million shares
Fully underwritten by Dawood Equities, Bank Alfalah, IISPL, AHL
Integrated Equities Limited Sardar Ali Wattoo
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Wishing you and your loved ones a very Happy Eid Mubarak.
Integrated Equities Limited Sardar Ali Wattoo

Integrated Equities Limited successfully advises on Strategic Acquisition of 100% Equity Stake in through the of FFC's Own Shares.

IEL acted as the exclusive Consultant to the Issue (CTI) for FFC in the acquisition of 100% shares in FFBL Power Company Limited (FPCL) through a share-swap transaction with Fauji Foundation.

: Issuance of 15,914,566 FFC ordinary shares to Fauji Foundation in exchange for 214,687,500 FPCL (FFBL Power Company Limited) shares under Section 83(1)(b) of the Companies Act, 2017.

: Shareholder approval obtained at EGM on December 08, 2025. SECP approval granted via letter dated January 05, 2026.

: Fauji Foundation now holds 637,778,197 shares representing 44.32% of FFC's expanded capital of 1,439,023,262 shares.

Transaction completed on 28 January 2026 with intimation to shareholders and Pakistan Stock Exchange - PSX, Central Depository Company of Pakistan Limited and.

🎯 provided comprehensive advisory services, including structuring, regulatory compliance, and transaction ex*****on support.

Save & Invest with - the Stockbroker of your choice! Data speaks here!
PSX stocks have beaten all other investments USD, Real Estate, and even Gold in all time scales: 1 year, 5 years, 10 years, 25 years. Even Rs. 100 saved daily will build wealth for your family needs and old-age savings.
Integrated Equities Limited Pakistan Stock Exchange - PSX SECP Central Depository Company of Pakistan Limited The Pakistan Credit Rating Agency Limited [PACRA] FFC Engro Fertilizers Ltd Meezan Bank Limited Askari Bank Faysal Bank Limited Mari Energies Limited Lahore University of Management Sciences Lahore School of Economics University of the Punjab Hailey College of Commerce, University of the Punjab Integrated Equities Limited Wild Poppy

Integrated Equities Limited Limited is the and for on Board of . / Subscription Plan:
DATES: From TILL , 2025 (9:00 AM TO 5:00 PM) AND ON JUNE 19, 2025 (9:00 AM TO 3:00 PM)
DATES:
From (9:00 AM TO 5:00 PM) TO , 2025 (9:00 AM TO 5:00 PM)
are invited to Reguster and Subscribe in this .
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Integrated Equities Limited ( ) has successfully facilitated the acquisition of 106 million shares and 61.7 million Non-Voting of Limited from the on behalf of Fauji Fertilizer Company ( ) for PKR 5.2 billion. IEL played the role of and for FFC in this . The company expresses gratitude to its for their continued confidence and appreciates its for successfully completing all phases of this important transaction.
Integrated Equities Limited Sardar-Ali Wattoo Pakistan Stock Exchange - PSX State Bank of Pakistan (SBP) NBP Funds kashan kazmi FFC Fauji Foundation Agritech limited (formerly Pak American Fertilizer Limited)