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Symmetry Group utilizes IPO amount of Rs231m

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April 01, 2024 (MLN): Symmetry Group Limited (PSX: SYM) has utilized Rs231.29 million of the allocated funds worth Rs375m, the company’s quarterly progress report issued to the bourse showed today.

According to the report, of the total utilized amount, Rs127.18m was used for the development of New IPs, Rs46.21m was used for the development of new office, Rs42.53m was used for procurement of new equipment, Rs12.28m was used for hiring of new team, and Rs3.09m was used for marketing & business development.

One of the major intended use of IPO funds was to develop 5 IPs (Products), the company said.

The company has successfully completed development of 2 of these IPs while development of the remaining 3 is on track.

Moreover, the company has acquired a rental office space of approximately 8,000 square feet for its head office in Karachi.

Development works and procurement of furniture has been completed.

The project was estimated to end in 2024 however the facility got ready earlier and the company shifted to this new facility in 3Q 2023, hence the management fulfilled its commitment in this respect as mentioned in its prospectus, it said.

Furthermore, the company has purchased new equipment to increase the capacity and efficiency.

Purchase of equipment was to be completed in 1Q 2024 however the company managed to negotiate a deal with a foreign vendor in 4Q 2023.

This deal helped the company to procure superior technology.

The management therefore fulfilled its commitment in this respect as mentioned in its prospectus.

On the other hand, the hiring of specialized HR personnel is in progress as per the commitment outlined in the prospectus.

Currently, 32% of the hiring process has been completed, with the company aiming to fulfill its commitment by 4Q 2025.

Similarly, the company is progressively spending on the marketing & business development activities to market its products.

The completion status stands at 7%, with the company aiming to fulfill its commitment by 4Q 2025.

Meanwhile, of the total allocated amount of Rs375m, 38.3% of the funds worth Rs143.71m remained unutilized.

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Posted on: 2024-04-01T10:38:03+05:00