Saturday June 15, 2024

SECP approves IPO application of Symmetry Group

By News Desk
June 08, 2023

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved initial public offering (IPO) application of a digital technology company Symmetry Group Limited, a statement said on Wednesday.

The approval allows the company to move forward with a plan to launch the IPO and offer shares to the public. The IPO will be conducted by the Book Building method of offering, where shares are allotted to investors on the Dutch auction method. The offering will consist of 101,240,082 shares obtainable at a floor price of Rs4.25 per share, including a fresh capital raise of Rs375 million.

Additionally, the company sponsors, Sarocsh Ahmed and Adil Ahmed, will offer shares worth Rs55 million. "Symmetry Group is driven by its pioneering legacy of transforming possibilities for businesses and organisations for over two decades. As we expand our capabilities and strengthen our core, our talented team sustains the trust of our stakeholders,” Sarocsh Ahmed, chief executive officer and co-founder of Symmetry Group said.

He was of the view that the IPO would help boost the company’s financial standing, enabling it to develop AI-driven products and intellectual properties. “We see this as a reflection of the potential of the digi-tech sector. Together, we can accelerate the growth of Pakistan's tech industry, fostering innovation and creating opportunities.” Symmetry Group recently announced its new board of directors, led by Zaheer Hussain Dhodia as chairman. The board comprises professionals from the corporate sector, including Musharaf Hai, Muhmmad Najeeb Agrawalla, Jibran Jamshad, Syed Asim Zafar, Adil Ahmed, executive director and co-founder, and Sarocsh Ahmed.

The company has expertise in digital strategy, e-commerce, data science, mobility, retail-research, and interactive marketing. It offers a suite of digital brands and products to assist clients at different stages of their digital journeys.