TPL Trakker Ltd to be listed in June

RECORDER REPORT

KARACHI: After the successful listing of TPL Direct Insurance, TPL Trakker Limited (TPL), a parent company of the former, is due for listing at the Karachi Stock Exchange (KSE), with Initial Public Offering (IPO) on June 5-6, 2012.

With Rs200 million already been raised through pre-IPO placement to institutional investors and high net-worth individuals, TPL intends to raise further Rs100 million through an offer to the general public of 10 million ordinary shares at a strike price of Rs10 per share.

TPL is a joint venture with Digicore Holdings Limited and its main operations are vehicle tracking and fleet management.

"Though we do not have a research recommendation on the company, we believe its expansion into the container tracking solutions and location and navigation solutions would be major triggers for the company in years to come," Bilal Qamar, an analyst at JS Global Capital said.

Furthermore, opening of the NATO supply routes could also bode well for the company, he added.

The company's main objective is to raise Rs300 million to partially settle repayments of short-term running finance and to finance its 'safe transportation environment' project and expansion of its current operations.