Pakistan’s largest IT company Inbox Business Technologies Ltd expects to raise up to Rs1.5 billion from its’s initial public offering as the company tries to capitalise on the country’s move towards digitisation.
It plans to sell 39% share of the company in the IPO scheduled for later this month.
Chief Executive Officer Mir Nasir aims to double the company’s revenue to $100 million in five years. “Our industries are starting and taking notice of the digital disruption concept... they are getting more and more automated,” Nasir said. “You need Pakistani Tatas and Wipros.”
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Pakistan has been relatively slow towards adopting digital platforms with most government departments still adhering to old fashioned ways.
However, the recent move towards digitisation is opening opportunities for companies such as Dell EMC and Inbox for services like those offered by India’s outsourcing giants.
The company, which started as an assembler of computers and laptops in 2001, has now transformed into a service provider seeking long-term contracts to handle infrastructure and systems for customers.
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Inbox now provides services to telecoms, banks and the government, which accounts for about 80 per cent of the company’s revenue. It also handles one of the government's flagship projects, the Lahore and Rawalpindi Metro Bus.
Dell EMC, part of Dell Inc, has put an increased focus on Pakistan, the second-largest economy in South Asia.
“Pakistan is bigger than I thought,” Chee Wei Chue, vice president for Asia Emerging Markets at Dell EMC, said in his first visit to Karachi on May 23. “...Pakistan has huge potential or hidden goldmine for investors.”
This article originally appeared on Bloomberg
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