Pakistan’s Avanceon Limited and BMA Capital on Friday has signed the mandate for the planned Initial Public Offering of Avanceon Limited’s wholly-owned subsidiary Octopus Digital.

Octopus Digital will be the first technology company to go public in Pakistan in five years.

As per details, senior management from both companies was present at the signing ceremony. Bakhtiar H. Wain, Founder and CEO of Avanceon, and Moazzam Malik, Chairman and CEO of BMA Capital, signed the agreement.

Octopus Digital specializes in helping businesses digitalize their manufacturing, supply chain, and financial workflows backed by strategic and operational maintenance support services.

“It is a unique enterprise that will fill the technology chasm facing the industrial sector in Pakistan today,” said Avanceon.

The company is already assisting many of its customers to digitalize their processes which will boost exports, increase productivity, and help them become more energy-efficient, the company said.

Octopus Digital (Pvt) Limited will have the distinction of being the first Industry 4.0 entity to go public in Pakistan. It shall be converted into a Public Limited Company in due course of time within the mandate.

Avanceon is an industrial automation consultation and system integration entity in Pakistan, Qatar, UAE, KSA, and United States. Whereas, BMA Capital is one of the leading financial institutions in Pakistan offering a diverse range of services in relation to Pakistan’s Capital Markets.