Universal Network Systems utilizes IPO amount of Rs244m

June 20, 2023 (MLN): Universal Network Systems Limited (PSX: GEMUNSL) has successfully utilized the IPO proceeds amount of Rs244.37 million, the company’s half-yearly progress report issued to the bourse showed today.

Of the total subscription of Rs445.7m, 55% of the funds worth Rs201.34m remained unutilized.

Of the total utilized amount, Rs95.76m was used for the development in the technology segment, Rs 144.94m was used for the expansion of the out-reach network, Rs165m was used for the expansion of E-commerce solutions, and Rs40m was used for working capital of the company.

To note, GEMUNSL’s principal activities are to act as a cargo forwarder and provide domestic and international courier and allied services.

At the time of reporting this, the stock of the company is currently trading at a price of Rs61.5, down by 2.38% DoD.

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