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KARACHI: A gong ceremony was held at Pakistan Stock Exchange (PSX) on Wednesday to celebrate the listing of Symmetry Group Limited (SGL). The Symmetry Group Limited was listed on PSX on September 1, 2023.

The Symmetry is a premium digital technology company that specialises in digital products and services. This will be a valuable addition in the listed technology sector of the Exchange and yet another option in this sector for investment.

Present at the ceremony were Sarocsh Ahmed, CEO Symmetry Group and senior management of Symmetry Group. Mohammad Sohail, CEO of Topline Securities Limited and his team were also present at the occasion. Topline Securities was the Consultant to the Issue and Book Runner.

Wasim Akram, former Pakistan cricket team captain and a key celebrity investor of Symmetry Group, was amongst the prominent guests at the event.

The guests were welcomed by the MD and CEO PSX, Farrukh H. Khan; Board Members PSX, and senior management of PSX.

The listing follows the Issue of 101,240,082 ordinary shares, 35.49 percent of the total post-IPO paid-up capital of SGL, at face value Rs 1.00 each. Out of the total Issue size, 88,235,294 shares were issued by the company as New Issue whereas 13,004,788 shares were offered by the sponsors of SGL as an Offer for Sale.

The successful bidders were provisionally allotted seventy-five percent (75 percent) of the Issue size i.e., 75,930,061 shares and the remaining twenty five percent (25 percent) i.e., 25,310,021 shares were offered to the retail investors. The unsubscribed retail portion has been allocated to the successful bidders on a pro-rata basis.

The book building phase of the Offer generated significant interest from investors with the Offer being oversubscribed by 1.58x by value. Applications for an amount totaling Rs 677,962,205 against the issue size of Rs 430,270,349 were received. The strike price was determined at Rs 4.30/- per share. 181 investors took part in the book building, of which 141investors became successful participants.

For the public subscription, 2534 applications for 20,374,000 shares amounting to Rs 87,608,200 were received. The public offering received interest from varied investors from different banks with many investors applying through the PSX E-IPO system as well. The PSX E-IPO system generated interest from investors in the form of 630 applications received for 4,265,000 shares amounting to Rs. 18,339,500/-.

The proceeds raised through the IPO would be utilized to fund the Company’s plans to develop various digital platforms, fund new office development, purchase equipment, hire specialized HR, marketing and business development needs.

This IPO was a result of a well-thought out plan by Symmetry Group Ltd. to expand the commercial and technological horizons as well as the outreach of the company.

The PSX MD and CEO, Farrukh Khan, stated, “Pakistan Stock Exchange is proud to enlist another addition in the technology sector of the Exchange. Symmetry Group Limited is one of the leading companies providing digital services in Pakistan. Whether it is e-commerce deployment, social media marketing or digital consultancy, Symmetry is a well-known platform for providing these services related to the digital domain. With the addition of this company, Pakistan Stock Exchange now presents an enviable list of companies in its technology sector, providing attractive options for investment for investors”.

He further stated, “I would like to reiterate that the capital markets are open and there is ample liquidity for good companies. Raising funds from the capital markets is an attractive alternative to high cost bank borrowing, enabling companies to leapfrog their competitors and capture a greater market share.

It is heartening to see that tech companies are coming forward to raise capital and list on the Exchange as these are not manufacturing concerns but belong to the services sector and therefore have different dynamics. We are happy to see that investor interest is also rising in technology based companies and start-ups as was evidenced by the recently held successful IPO of Symmetry Group Limited”.

Copyright Business Recorder, 2023


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