Symmetry Group utilizes Rs325m of IPO proceeds

August 21, 2026 (MLN): Symmetry Group Limited's (PSX: SYM) net IPO proceeds of Rs361.5m have been almost fully utilized, with Rs325.4m deployed against approved allocations and the remaining Rs36.1m absorbed into working capital, according to the company's final progress report on utilization of IPO proceeds.

The company raised gross funds of Rs430.3m through the issuance of 101,240,082 shares at Rs4.25 per share, along with a share premium of Rs5.1m.

After adjusting for an offer for sale of 13,004,788 shares worth Rs55.9m and IPO costs of Rs17.9m, net funds received stood at Rs361.5m, against an originally estimated Rs375m, with the board approving a proportionate reduction in the expense plan in November 2023 due to a shortfall in collection of Rs13.5m.

The company had originally planned to utilize the IPO proceeds as follows:

Following the board-approved revision, actual utilization against the net proceeds was as under:

All five intellectual properties earmarked for development under the IPO plan Survit, Mobits, Influsense, Corral Performance and Cartsight have been completed.

The company also finalized development of its new head office, comprising roughly 8,000 square feet of rented space in Karachi, covering the office makeover, furniture procurement and payment of a six-month rent security deposit.

On equipment procurement, laptops, desktops, servers, network infrastructure and other equipment were fully acquired.

Under hiring, specialized human resources were brought on to support the Corral, CartSight and Mobits IPs as well as the Alibaba Channel Partner Program.

Marketing and business development spending covered website maintenance, advertisement and sales promotion, fees and subscriptions, and specialized business development hires for EMEA FZC and Symmetry Group Limited (SGL).

Separately, marketing and business development expenses of Rs13.68m incurred by the company's foreign subsidiary, EMEA FZC, related to the development and commercialization of three other IPs Influsense, CartSight and Corral transferred to EMEA FZC during FY2025, were verified against EMEA FZC's audited financial statements for the year ended June 30, 2025.

Chartered accountancy firm Rahman Sarfaraz Rahim Iqbal Rafiq, a member of Russell Bedford International, conducted an agreed-upon procedures engagement under ISRS 4400 (Revised) in compliance with Clause 16(iia) of the Public Offering Regulations, 2017.

The firm reported no discrepancies in any of the procedures performed, including verification of employee hiring records and management’s written representation that the entire IPO proceeds were utilized solely for the purposes specified in the prospectus.

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