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Business Recorder
01-07-2025
- Business
- Business Recorder
PACRA makes debut on PSX GEM Board with oversubscribed IPO
KARACHI: In a landmark development for Pakistan's capital market, the Pakistan Credit Rating Agency Limited (PACRA) officially listed on the Pakistan Stock Exchange's (PSX) Growth Enterprise Market (GEM) Board on Monday. The occasion was marked by a gong ceremony held in Lahore, a move reflecting the Exchange's strategy to engage regional business communities by hosting listing events in the cities where companies are based. The ceremony was attended by senior officials from PSX, the Securities and Exchange Commission of Pakistan (SECP), PACRA, transaction advisors LSE Capital Limited, IEL, and other dignitaries. Welcoming guests, PSX Chief Executive Officer Farrukh H Sabzwari underscored the Exchange's efforts to broaden capital market access for businesses across the country. 'I'm here today not just to mark PACRA's important milestone, but to reinforce our commitment to expanding listing awareness at the grassroots level and to continue the practice of hosting listing ceremonies in the regions where companies operate,' he remarked. Sabzwari further highlighted the resounding success of PACRA's Initial Public Offering (IPO), which raised PKR 396.239 million, surpassing its target and receiving subscriptions exceeding four times the offered shares. He noted that the overwhelming investor response reflected growing confidence in both the capital market's evolving ecosystem and PACRA's standing as a trusted ratings institution. 'This success speaks volumes about the credibility of the PSX platform and the trust investors place in companies accessing capital through it,' Sabzwari added. He also announced that PSX plans to hold an IPO roundtable in Peshawar as part of its broader effort to promote listings among regional businesses and SMEs. PACRA's listing marks the seventh addition to the PSX GEM Board, which was established as a dedicated platform for small and medium enterprises (SMEs) and growth-stage companies, offering a cost-effective and streamlined route for raising capital from the market. Expressing pride on the occasion, PACRA CEO Usman Haider called the listing a defining moment in the company's three-decade history. 'For almost 30 years, PACRA has been a trusted partner in Pakistan's capital markets, providing independent credit ratings and insights that foster transparency, investor confidence, and informed decision-making,' Haider stated. He added that becoming a listed company will introduce a new chapter of greater accountability, wider stakeholder engagement, and an even higher commitment to excellence. Tariq Jamil, Chairman of PACRA, echoed the sentiment, describing the GEM Board as a forward-looking initiative vital for growth-oriented institutions. 'We sincerely appreciate the efforts of PSX and SECP in facilitating institutions of our size and ambition, providing them with access to capital markets and the tools to fuel expansion,' Jamil remarked. The IPO's oversubscription by over four times was seen as a significant endorsement of PACRA's credibility and market reputation. Usman Haider extended special gratitude to the PACRA team, Board of Directors, Rating Committee members, and regulatory authorities for their support. 'This milestone is a testament to the commitment, professionalism, and vision of everyone associated with PACRA.' He also acknowledged the critical role of the SECP and the State Bank of Pakistan in shaping the country's credit rating industry through their regulatory oversight. 'We are sincerely grateful for their wisdom and foresight in guiding the sector's evolution,' Haider added. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Gong ceremony to marklisting of NETS International Communications held
LAHORE: The Gong ceremony for marking the listing of NETS International Communications on the Growth Enterprise Market (GEM) Board of PSX was conducted at Pakistan Stock Exchange Regional Office. This landmark event signifies a pivotal moment for NETS International and a significant stride for Pakistan's burgeoning digital economy. NETS International specializes in developing, managing, and expanding communication networks with operations spanning Pakistan, the UAE, UK, USA, KSA, and Germany. The Initial Public Offering (IPO) saw 3.676 million ordinary shares offered at a fixed price of PKR 10 per share, representing 10% of the company's post-issue paid-up capital. The issue was fully underwritten by Dawood Equities Limited and advised by LSE Capital Limited, with subscription for accredited investors. From PSX: CEO, Farrukh H Sabzwari. Chief Listing Officer, Syed Ahmad Abbas, Regional Business Development Lead, Sarmad Hussain From NETS International: Muhammad Nadeem (CEO - NETS International Pakistan), Khalid Mahmood (COO - NETS International Pakistan), Hafiz Muhammad Ali (Group CFO - NETS International), Muhammad Shaheer (CFO - NETS International Pakistan), Danial Khushnood (Company Secretary - NETS International Pakistan), and Adil Mir (Head of Marketing Group - NETS International). From LSE Capital Limited: Aftab Ahmad Chaudhary (CEO), Amir Zia (Director Investment Banking), and Inam Ullah (Company Secretary). Farrukh H Sabzwari, CEO of Pakistan Stock Exchange, shared his remarks, stating, 'We are delighted to welcome NETS International to the PSX GEM Board. This listing represents a significant step for the company and for the broader capital market in Pakistan. It underscores the PSX's commitment to fostering growth for innovative enterprises and providing diverse investment opportunities. We look forward to NETS International's continued success and its contribution to Pakistan's digital landscape. In addition, MD – PSX also stressed the need to focus on the development of the IPO Market in Punjab and KPK Regions which hold great potential as there is a wide array of industries that require awareness on the Capital Markets and how it can contribute in their growth.' In his message to the attendees, Jahangir Ahmad, Group Managing Director of NETS International, stated, 'This IPO is more than just a financial milestone — it's a strategic leap toward global scalability and sustained innovation. It marks the beginning of a new chapter — one where we aim to lead Pakistan's digital evolution with integrity and vision.' Muhammad Nadeem, CEO of NETS Pakistan, added, 'We're proud to become a listed entity. This step reflects our confidence in Pakistan's technology sector and our resolve to build long-term value for stakeholders.' Aftab Ahmad Chaudhary, CEO of LSE Capital Limited, commented on the occasion, 'LSE Capital Limited is immensely proud to have advised NETS International on this successful IPO. Their listing on the GEM Board marks a significant achievement, underscoring the vibrant potential of Pakistan's technology sector and the growing investor confidence in innovative companies like NETS. We believe this listing will unlock new avenues for growth and contribute substantially to the nation's digital transformation agenda.' Proceeds from the IPO will be primarily utilized to retire short-term debt and align the company with regulatory standards, in preparation for a future listing on the PSX Main Board. Copyright Business Recorder, 2025
