The public offer launched on 8 September of 4 million shares in the local First Capital Securities Corporation (FCSC) is expected to be oversubscribed, bankers say. The money generated from the sale will be used to expand FCSC's role as a brokerage house and provider of financial services.

Shares were offered to the public at a par value of Rs 10 ($0.32) with a premium of Rs 5 ($0.16). A minimum offer of Rs 7,500 ($242) for 500 shares was required from each applicant. FCSC shares are currently quoted on the Karachi and Lahore stock exchanges at Rs 45 ($1.45).

FCSC was incorporated in April 1994 with a paid-up capital of Rs 115 million ($3.7 million) by local and international investors. The local shareholders include Al-Faysal Investment Bank, Al-Towfeek Investment Bank, Allied Bank of Pakistan, Capital Market Consultants, First Leasing Corporation, Muslim Commercial Bank and Saudi Pak Industrial & Investment Company. John Govett & Company of the UK and HG Asia, formerly part of the UK's Hoare Govett Group, have also taken a stake in FCSC. Smith Barney Shearson of the US has taken out an option to subscribe to 1 million shares by 31 October.

The offer was underwritten by Saudi Pak and Muslim Commercial Bank.