KARACHI:A digital technology and experiences company Symmetry Group Limited (SGL) to launch an initial public offering (IPO) in Pakistan Stock Exchange (PSX) on Tuesday, August 08, 2023.
The book building by SGL would be the first IPO of the fiscal year 2023-24 on the main board and the first major listing by any digital technology company in the country.
Chief Executive Officer SGL Sarocsh Ahmed, informed reporter that the book-building process will continue to August 8, 2023, for institutional and high-net-worth individuals while book-building would be done for retail investors on August 17 and 18.
He hoped that the book-building process will attract investors from a variety of backgrounds while it is also expected to attract foreign direct investment in Pakistan.
SGL intends to raise capital to develop and launch various digital intellectual properties (IPs) using in-house expertise and the funds generated would be strategically allocated towards the development of AI and data-powered marketing technology, tools, and platforms, Sarocsh Ahmed informed adding that these IPs will provide SaaS platforms for consumer insights, visualisation of Key Performance Indicators, and other critical information to aid businesses in the decision-making process.
He said “As the first digital technology and experiences company to go public in Pakistan, we are thrilled and energised while our decision to go public and launch an Initial Public Offering (IPO) reflects our commitment to advancing Pakistan’s digital technology sector and contributing to the nation’s economic development.
Securities and Exchange Commission of Pakistan (SECP) had granted approval in June and now the stock market was performing well and bulls have emerged so the timing couldn’t have been better to launch IPO, he maintained.
The company plans to raise a minimum of Rs. 430.27 million in equity including Rs.375 million through fresh issue and OFS value of Rs.55 million by selling 101.24 million shares to institutional and individual investors.
The offering would be conducted through a 100 percent book-building method, with a floor price of Rs. 4.25 per share including premium of Rs.3.25 per share.
The CEO informed that Symmetry Group was established in 2003 and has grown into a digital technology and experiences company that offers a comprehensive suite of digital products and services with expertise in digital strategy, transformation, commerce, data science, mobility, retail and research, and interactive marketing.
He was hopeful that additional equity would also support the expansion of company’s international business, capitalising on opportunities in global markets.
Recognising the significance of the government’s AI policy on SGL’s growth journey Sarocsh said that he believed in balancing regulations, ethics, data privacy, research, and international collaboration to foster a landscape that supports creativity, innovation, and sustained industry growth.