Technology firm listed at PSX
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP
Pakistan Stock Exchange (PSX) held a gong ceremony to formally mark the listing of Symmetry Group, a technology firm, on Wednesday.
The company has raised Rs430.270 million by offering shares to institutions, rich individual and retail investors at a strike price of Rs4.30 per share. “These shares have been available for trading at the PSX since September 1, 2023,” said a PSX statement.
Proceeds of the initial public offering (IPO) will be utilised to fund the firm’s plans to develop digital platforms, new office development, equipment purchase, specialised HR hiring, marketing and business development needs.
Read PSX prepares for tech powerhouse IPO
Speaking on the occasion, PSX Managing Director and CEO Farrukh Khan highlighted that with the addition of a new technology firm, “PSX now presents an enviable list of companies in its technology sector, providing attractive options for investment”.
He said capital markets were open and there was ample liquidity for well-performing companies. “Raising funds from capital markets is an attractive alternative to high-cost bank borrowing, which enables companies to leapfrog their competitors and capture a greater market share.”
Symmetry Group CEO Sarocsh Ahmed said that a remarkable 20-year journey enabled the company, which was a small tech startup some two decades ago, to get listed at the PSX.
Mohammad Sohail, CEO of Topline Securities, the manager to the IPO, pointed out that it was the first IPO of 2023 and more companies were in the pipeline to get listed in the near future.
Published in The Express Tribune, September 7th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.