The book-building process of Symmetry Group Limited’s (SGL) Initial Public Offer (IPO) has concluded with an oversubscription of 1.56 times, according to Topline Securities.
Topline Securities CEO Mohammed Sohail said in a tweet that this offering is likely to open the door for more such offerings at PSX as overall sentiments are improving.
The book-building concluded with an oversubscription by 1.56 times while the strike price came in at Rs. 4.30. The Retail IPO will commence on August 17 and conclude on August 18.
Through the IPO, SGL intends to raise Rs. 375 million to develop and launch various digital IPs. The plan is to develop five independent IPs using in-house expertise, create new office space, procure new equipment, and hire additional HR.
The 5 IPs are corral – performance, CartSight, survit, mobits, and Influsense.ai. 60 percent of the raise would go towards the development of the aforesaid tools, while the remaining will be targeted for marketing campaigns to envision all SGL brands under a unified umbrella.
Source: Pro Pakistani