KARACHI: Symmetry Group Ltd, a digital solutions company with multiple subsidiaries, is looking to raise Rs430.2 million through a stock exchange listing.

The Pakistan Stock Exchange (PSX) sought public feedback on Tuesday to the proposed listing of the company, which is offering 30.9 per cent of its post–initial public offer (IPO) shareholding to investors.

Symmetry Group is selling 78.2m ordinary shares having face value of Re1 each at a fixed price of Rs5.50 per share. Almost 22.1pc of the total post-IPO shareholding is being sold as new shares while the remaining 8.8pc stake is being offered from the already existing shares held by the company’s two sponsors.

Symmetry Group calls itself a digital technology and experiences company that focuses on “transformation and digitalisation” of marketing, sales and other consumer-centric functions.

Out of the total issue proceeds of Rs430.2m, the company will use Rs307.3m to fund its plans to develop digital platforms and new offices. The proceeds will also be used on new equipment, specialised human resources, marketing, business development and working capital needs, it said.

The company posted consolidated sales of Rs341.5m in 2021-22, up 19.1pc from a year ago. Its consolidated earnings went up 24pc in the same year to Rs71.3m.

Its major clients include Habib Bank, Engro Fertilisers, Martin Dow Group, EFU Life Assurance and many others. The company takes care of the development and maintenance of their mobile apps, websites and portals, digital strategy, data analytics and reporting, digital marketing, and deployment and integration of third-party tools.

Among key revenue drivers, the company counts the increasing penetration of internet and mobile in the economy. Another major driver of sales is digital commerce, which is the buying and selling of goods and services using channels like the internet, mobile networks and commerce infrastructure.

Topline Securities will serve as the consultant to the issue. The PSX will accept feedback from the public on the listing documents until Jan 25.

Published in Dawn, January 18th, 2023