The Pakistan Stock Exchange (PSX), a barometer to gauge economic activities in the country, kick-started trade in the second listed company in a week despite hardships amid the coronavirus pandemic.
Investors began trading tech company TPL Trakker Limited’s (TPLT) shares with effect from Monday (August 10). It was followed by the listing of Organic Meat Company Limited five days ago.
The bourse held a ceremony to welcome the new listed company on the trading board on Wednesday, according to a PSX statement. “This is the second listing for financial year 2020-21,” the statement said.
The tech company raised Rs801.82 million through the sale of 66.82 million shares via the Initial Public Offering (IPO). It sold shares at Rs12 each.
The share price, however, dropped Re1 to close at Rs9.38 with trading volume of 1.06 million shares at the PSX on Wednesday. The PSX benchmark KSE-100 index recorded a decrease of 85.97 points, or 0.21%, to settle at 40,473.18 points.
“Through the capital raised, TPL Trakker plans to finance its regional expansion of IoT solutions, investment in developmental IT infrastructure, development of mapping data and working capital for the Connected Car and IIOT (Industrial Internet of Things) solutions,” the PSX said. PSX CEO Farrukh Khan said, “The successful IPO and listing of TPL Trakker has been completed efficiently amidst the challenges posed by the coronavirus and the ensuing impact. This further demonstrates that companies are actively utilising the stock exchange as their preferred platform to raise capital and invest to strengthen their businesses.”
“In recent days, the PSX has been witnessing record trading volumes. The increased activity proves that Pakistan’s capital market is resilient and fully able to play its part in the country’s economic development, despite the current challenges.”
Published in The Express Tribune, August 13th, 2020.
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