MCB Bank launches rare Pakistan GDR

The high quality bank from a little explored country attracts a lot of interest, and sees its market cap surge to $2.3 billion on demand from international investors.

MCB Bank, formerly known as Muslim Commercial Bank, early Wednesday morning completed the first equity deal from the private sector in Pakistan in more than 10 years and it did so in style.

Not only did the countryƆs largest private bank attract $700 million worth of demand for its $150 million GDR issue, but the information provided during its four weeks of premarketing and roadshows also prompted a wave of buying into its Karachi-listed shares, which subsequently spilled over into...

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