PSX marks listing of Symmetry Group Ltd with Gong ceremony

KARACHI: A gong ceremony was held at Pakistan Stock Exchange (PSX) to celebrate the listing of Symmetry Group Limited (SGL).Symmetry Group Limited was listed on PSX on September 1, 2023. Symmetry is a premium digital technology company that specializes in digital products and services. This will be a valuable addition in the listed technology sector of the Exchange and yet another option in this sector for investment, says a Press release.
Present at the ceremony were Sarocsh Ahmed, CEO Symmetry Groupand senior management of Symmetry Group. Mohammad Sohail, CEO of Topline Securities Limited and his team were also present at the occasion. Topline Securities was the Consultant to the Issue and Book Runner. Wasim Akram, former Pakistan cricket team captain and a key celebrity investor of Symmetry Group, was amongst the prominent guests at the event. The guests were welcomed by the MD & CEO PSX, Farrukh H. Khan; Board Members PSX, and senior management of PSX.
The listing follows the Issue of 101,240,082ordinary shares, 35.49% of the total post-IPO paid-up capital of SGL, at face value Re 1/- 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 twenty five percent (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 totalling Rs 677,962,205 against the issue size of Rs 430,270,349 were received. The strike price was determined at Rs 4.30/- per share. 181 investors took part in the book building, of which 141investors became successful participants.
For the public subscription, 2534 applications for 20,374,000 shares amounting to Rs 87,608,200 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 Rs. 18,339,500/-.
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, 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, 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”.
On the successful holding of the IPO of SGL, Sarocsh Ahmed, CEO 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 PKR 150,000/- 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.
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 deliver value for our shareholders through consistent performance and returns”.
In his remarks, CEO of Topline Securities Limited, 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”.