The Avanceon Limited (AVN) said that the company will announce the date of listing digital Initial Public Offering (IPO) of its IT solution company Octopus next month.
The Avanceon Limited in an annual General Meeting held in Lahore today, said a shareholder who attended AGM.
Octopus Digital – has planned to raise Rs 1.5 billion through an offer of shares to retail investors at the Pakistan Stock Exchange (PSX). However, the date of the IPO will be decided next month. BMA Capital is the lead manager of this IPO.
This will be the first IPO by a tech firm after a gap of five years, as Systems Limited was the last tech firm listed at the Pakistan Stock Exchange five years ago.
The firm is a subsidiary of Avanceon Limited, which was listed at the PSX (formerly Karachi Stock Exchange) in late 2013.
The parent company provides digitalisation and automation solutions to businesses while the subsidiary provides maintenance for tech solutions at business houses.