PSX welcomes Symmetry Group Limited to its technology sector

September 06, 2023 (MLN): Symmetry Group Limited (PSX: SYM), a premium digital technology company that specializes in digital products and services, was listed on the Pakistan Stock Exchange (PSX) on September 01, 2023.

The company celebrated the listing with a gong ceremony at the PSX, attended by its CEO Mr. Sarocsh Ahmed, senior management, key celebrity investor Mr. Wasim Akram, former Pakistan cricket team captain, and other prominent guests, said a press release issued today.

The listing follows the Issue of 101,240,082 ordinary shares, 35.49% of the total post-IPO paid-up capital of SGL, at a face value of Rs1 each.

Out of the total Issue size, 88,235,294 shares were issued by the company as New Issue whereas 13,004,788 shares were offered by the sponsors of SGL as an Offer for Sale.

The successful bidders were provisionally allotted seventy-five percent (75%) of the Issue size i.e., 75,930,061 shares, and the remaining 25% i.e., 25,310,021 shares were offered to the retail investors.

The unsubscribed retail portion has been allocated to the successful bidders on a pro-rata basis.

The book-building phase of the Offer generated significant interest from investors with the Offer being oversubscribed by 1.58x by value.

Applications for an amount totaling Rs677.96m against the issue size of Rs430.27 million were received.

The strike price was determined at Rs4.3 per share. 181 investors took part in the book building, of which 141 investors became successful participants.

For the public subscription, 2,534 applications for 20,374,000 shares amounting to Rs87.61m were received.

The public offering received interest from varied investors from different banks with many investors applying through the PSX E-IPO system as well.

The PSX E-IPO system generated interest from investors in the form of 630 applications received for 4,265,000 shares amounting to Rs18.34m.

The proceeds raised through the IPO would be utilized to fund the Company’s plans to develop various digital platforms, fund new office development, purchase equipment, hire specialized HR, marketing, and business development needs.

This IPO was a result of a well-thought-out plan by Symmetry Group Ltd. to expand the commercial and technological horizons as well as the outreach of the company.

The PSX MD & CEO, Mr. Farrukh Khan, stated, “Pakistan Stock Exchange is proud to enlist another addition in the technology sector of the Exchange. Symmetry Group Limited is one of the leading companies providing digital services in Pakistan. Whether it is e-commerce deployment, social media marketing, or digital consultancy, Symmetry is a well-known platform for providing these services related to the digital domain. With the addition of this company, the Pakistan Stock Exchange now presents an enviable list of companies in its technology sector, providing attractive options for investment for investors”.

He further stated, “I would like to reiterate that the capital markets are open and there is ample liquidity for good companies. Raising funds from the capital markets is an attractive alternative to high-cost bank borrowing, enabling companies to leapfrog their competitors and capture a greater market share."

"It is heartening to see that tech companies are coming forward to raise capital and list on the Exchange as these are not manufacturing concerns but belong to the services sector and therefore have different dynamics. We are happy to see that investor interest is also rising in technology-based companies and start-ups as was evidenced by the recently held successful IPO of Symmetry Group Limited” he further added.

On the successful holding of the IPO of SGL, Mr. Sarocsh Ahmed, CEO of Symmetry Group Limited, stated, “I am truly humbled by the overwhelming response from our investors and grateful for the dedication of our team, advisors, PSX and SECP in ensuring a smooth listing process."

"This is a testament to the trust and confidence placed in our vision. Over our remarkable 20-year journey, from a small startup with an initial capital of Rs150,000 to a listed company today, we have remained steadfast in our commitment to delivering the best technology and digital experiences to our clients and their customers." Mr. Sarocsh Ahmed added.

We remain excited about the future of Symmetry Group as we embark on this new phase of growth, driven by our unwavering dedication to excellence, and are committed to delivering value for our shareholders through consistent performance and returns”.

In his remarks, the CEO of Topline Securities Limited, Mr. Mohammad Sohail, added, “We at Topline Securities, being the Advisor, Book Runner, and Underwriter, are thrilled to be a part of the first IPO of the year 2023, Symmetry Group Limited, being the first digital technology company to list at PSX also. We believe that the future is in tech and that smaller tech firms can achieve their long-term aspirations through listing at PSX. We welcome Symmetry to PSX and hopefully, it will turn out to be a market leader in a few years time”.

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