Universal Network Systems get listed at PSX’s GEM Board

Pakistan Stock Exchange (PSX) on Monday listed Universal Network Systems Limited (UNS) on its Growth Enterprise Market (GEM) Board.

UNS becomes the second company and the first company in the e-commerce logistics sector to be listed on PSX GEM Board. The listing comes days after Pak Agro Packaging Limited (PAPL) became the first company to be listed on PSX’s GEM Board.

The GEM Board is a listing platform created to facilitate growth enterprises, whether small, medium or greenfield businesses, for their capital raising needs. A Gong Ceremony was held to inaugurate the second listing on the GEM Board and to open the trading day.

Universal Network Systems Limited or Blue Ex is a company involved in core logistics, e-commerce logistics, warehousing and relevant e-commerce & logistics operations.

UNS had set out to raise Rs445,705,000 through the PSX GEM Board Listing. The issue consisted of 6,857,000 ordinary shares comprising of 25% of the post-issue paid-up capital of the company. The entire issue was offered at a fixed price of Rs65/- per share.

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The issue was oversubscribed by 1.68x as total applications for 11,548,000 ordinary shares against the issue size of 6,857,000 ordinary shares were received.

Speaking about the successful listing of UNS on the GEM Board of PSX, the Managing Director (MD) PSX, Farrukh Khan, stated, “I congratulate Universal Network Systems as the second company to be listed on the GEM Board of the Exchange. This listing comes in quick succession to the first listing on the GEM Board which took place 10 days ago and we have a robust pipeline for future listings.”

“The GEM board is an important innovation in Pakistan’s capital market and will support the financing needs of the hugely important and vibrant SME sector by enabling them to raise debt and equity capital, at a low cost and with ease. The new board will also help in the full value chain of early stage financing in Pakistan, which is really taking off now. So now, not only can smaller cos raise growth capital but early investors will also have a viable exit opportunity by listing on the GEM board,” he added.

Meanwhile, Imran Baxamoosa, CEO of UNS was hopeful that this listing will pave way for new aspiring players to join the PSX.