The Karachi Stock Exchange (KSE) has cleared the prospectus of the Callmate Telips Telecom Limited, said KSE Managing Director Moin M. Fudda.
The total capital of the company is Rs 502.528 million, out of which an amount of Rs 150 million is being offered to the general public and employees of the company, he added.
He said the company is seeking public subscription to meet the cost of implementation of expansion of payphones business, and obtain licence as a long distance international (LDI) operator from the Pakistan Telecommunication Authority (PTA) under the Telecom Deregulation Policy.
After the approval of Securities & Exchange Commission of Pakistan (SEC), the company will also arrange presentation in the KSE Auditorium before opening/closing of subscription, Fudda added.
The merged entity, now known as Callmate Telips Telecom Ltd would accommodate its expansion plans in both the pre-paid calling card and the payphone business, and will also facilitate the attainment of telecom licences, mainly the long distance and international licence, when the Pakistan Telecommunication Authority issues them, he said.
Keeping in view the brand recognition the companies already generated prior to their merger, the offering is bound to receive a keen response from the stock market and investors, he added.
Fudda said the IPO is fully underwritten by AKD Securities (Pvt) Ltd, and Bank Alfalah Ltd, and the advising and arranging of the issue is being managed by AKD Securities (Pvt) Limited.