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Digital technology company Symmetry Group Ltd (SGL) is set to go public next month on the Pakistan Stock Exchange (PSX)

Date: July 23, 2023

Digital technology company Symmetry Group Ltd (SGL) is set to go public next month on the Pakistan Stock Exchange (PSX). The company plans to raise at least Rs430.2 million through the sale of new and existing shares.

The issue will consist of 101.2 million shares, representing 35.5% of the total post-listing shareholding. The fresh issue portion will comprise 88.2 million shares, accounting for 30.9% of the post-listing entity. Additionally, 13 million shares, or 4.5% of the company’s post-listing paid-up capital, will be offered for sale by the company’s sponsors.

The issue will be offered at a floor price of Rs4.25 per share, which includes a premium of Rs3.25 apiece. If the strike price reaches the upper limit of Rs5.95 per share due to high investor interest, the issue will generate a total liquidity of Rs602.4 million.

SGL specializes in digitalizing marketing, sales, and other consumer-centric functions for its clients, including Jazz, Unilever Pakistan Ltd, P&G Ltd, Colgate-Palmolive Pakistan Ltd, Habib Bank Ltd, MCB Bank Ltd, and Pakistan Stock Exchange Ltd.

The company intends to use the proceeds from the fresh issue (Rs375 million) to develop and launch various digital intellectual properties, providing Software-as-a-Service (SaaS) solutions for consumer insights and key performance indicators visualization to aid businesses in decision-making.

SGL’s earnings surged 84% year-on-year to Rs131.2 million in 2022-23, with revenue growing 46.9% to Rs501.8 million over the same period.

SGL’s listing marks the first transaction in 2023-24, as public listings remained scarce in the previous fiscal year, with only Globe Residency REIT conducting its initial public offering to raise Rs1.4 billion.

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