November 8, 2021 (MLN): Local cargo forwarder, courier and allied services provider Universal Network Systems Ltd (BlueEx) is planning to sell 6.8 million shares on the Pakistan Stock Exchange (PSX) to raise Rs446 million at Rs65 per share, tweeted financial adviser for the IPO Topline Securities on Monday.
The company will list on the PSX’s Growth Enterprise Market (GEM Board).
News listing on the PSX, excited to be part of new offering of Universal Network (Blue Ex) said Topline Securities CEO Mohammad Sohail. “Seeing lot of interest on this first logistics listing at [the] PSX as the company is offering 25% shares at 65/share to raise Rs446m. More details soon,” he added in a tweet.
The company posted revenue of Rs157.4m during 2021, up 67% from Rs94.2m in 2020. Majority of the increase during the year came from courier service income which rose to Rs151m in 2021 from Rs88m last year. The company’s bottom line improved to Rs33m in 2021 from Rs2m in 2020.
The company is riding the wave of e-commerce penetration in the local market and plans to utilize funds to widen its country-wide network and invest in technology, news reports claimed.
BlueEX began operations with a single courier in 2011 and has more than 3,000 corporate customers and a network of more than 400 cities and towns in Pakistan, the company website points out.
The company’s client list is long and includes brands such as Gul Ahmed, Al Karam, Merck, Pakistan Cables and Triumph among others.
Meanwhile, KASB Securities in a research note said that “the sponsors and management of BlueEx’s have strong experience in sectors of supply chain, warehouse, courier and bulk cargo which, we think, make it a dominant player in the sector. We think the public offering is a good way for institutional and accredited investors to get exposure to this area of
ecommerce enablement.”
