Logistics firm IPO oversubscribed

Company offered 6.85 million shares at price of Rs65 per share

KARACHI:

Universal Network Systems Ltd (UNSL), a tech-enabled logistics and e-commerce firm operating under the brand name BlueEx, has successfully attracted equity financing worth Rs445.7 million by selling a stake to investors at the Pakistan Stock Exchange (PSX) on Thursday.

The company offered 6.85 million shares (or 25% stake) on sale at a price of Rs65 per share through the initial public offering (IPO) on Wednesday and Thursday.

UNSL would use the raised equity financing for expansion of its network of distribution centers from 35 at present to 160 over the next three years in Pakistan.

“Oversubscribed by 2X (two times) already and the subscription is still open till 7pm for physical and till 12am for online applications,” one of the two joint lead managers for the IPO, Arif Habib Limited CEO Shahid Ali Habib said on his Twitter handle on Thursday evening.

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“Topline is happy to announce that Pakistan’s first tech enabled e-commerce and logistics firm initial public offering has been oversubscribed,” Topline CEO Mohammad Sohail said on his Twitter. Topline Securities is the joint lead manager to the offer.

This is the second listing on PSX’s GEM (growth enterprise market) board which is specially designed for enabling small and medium-sized enterprises (SMEs), greenfield projects, tech startups and other companies to conveniently get listed on the stock market and access capital, it was learnt.

Earlier, Pak Agro Packaging Ltd raised Rs198 million by selling 40% stake through GEM board a couple of weeks ago.

Published in The Express Tribune, November 19^th, 2021.

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