Growth push spurs huge Pakistan IPO

Amreli Steels plans to raise $39 million next month from sale of 70 million new shares

Pakistani Prime Minister Nawaz Sharif's push to build power plants, roads and rail links is prompting a local steelmaker to expand by selling shares in the nation's biggest initial public offering in eight years.

Amreli Steels Ltd, the South Asian country's biggest maker of steel bars used in construction, plans to raise as much as 4 billion rupees ($39 million) next month from the sale of 70 million new shares. The proceeds will help more than double its capacity to 450,000 tons from 200,000 tons, Amreli's director Hadi Akberali said.