November 26, 2021 (MLN): Pakistan’s Coeus Solutions Ltd., a preeminent software development company, plans to raise $5 million by listing on the Pakistan Stock Exchange’s Growth Enterprise Market Board, Bloomberg reported today.
The Lahore based company which currently operates in three continents (America, Asia, Europe) will launch an IPO in the next quarter as the demand for technology stocks in the South Asian country grows.
The company has a second office in Berlin, and it caters to 30,000 businesses in Germany including Audi AG and Allianz SE.
The company plans to use the proceeds to fund acquisitions and expand its products in the remote-working space. Moreover, KTrade KASB Securities Ltd. is the financial adviser to the transaction.
The offering comes as Pakistan’s startups ecosystem has seen unprecedented investment in tech startups during the last year. Startups in the country raised around $305 million of investment globally just in the first three quarters of 2021 which is one of the highest levels of startup finance over a year in the country’s history. After witnessing a significant increase in IT exports during a pandemic, the government is aiming to increase IT exports from the current level of around $1 billion to $10 billion by 2023, by setting up dedicated technology zones and providing incentives.
Alongside this, Pakistan’s appetite for tech stocks is increasing as well. Software company Systems Ltd. is the top performer on the benchmark KSE-100 Index this year, according to data compiled by Bloomberg. Octopus Digital Ltd.’s IPO was subscribed within 30 minutes and received offers for 27 times the shares on sale, the highest in the nation’s history.
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