Symmetry Group’s IPO was 1.56 times oversubscribed

Web DeskAugust 9, 2023
Symmetry Group's IPO was 1.56 times oversubscribed

Symmetry Group Limited’s (SGL) Initial Public Offering (IPO) book-building process has concluded with a 1.56 times oversubscription, as reported by Topline Securities.

According to a tweet by Topline Securities CEO Mohammed Sohail, this successful offering is likely to pave the way for more similar offerings at PSX due to the improving overall market sentiment.

Read more : Pakistan Stock Exchange Hits 49,000-Level After Six Years

The book-building process resulted in an oversubscription of 1.56 times, and the strike price was set at Rs. 4.30. The Retail IPO phase is scheduled to take place from August 17 to August 18.

SGL aims to raise Rs. 375 million through the IPO, which will be used to develop and launch various digital intellectual properties (IPs). The company plans to create five independent IPs using their in-house expertise, establish new office space, acquire equipment, and expand the workforce.

These five IPs include corral – performance, CartSight, survit, mobits, and Influsense.ai. The majority of the raised funds, 60 percent, will be allocated to developing these tools, while the remaining funds will be dedicated to marketing campaigns aimed at bringing all SGL brands together under a unified umbrella.

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