Avanceon Ltd subsidiary becomes first tech company to go public in over five years

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September 30, 2020
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Avanceon Limited has planned an Initial Public Offering of its 100% wholly-owned Subsidiary Octopus Digital (Pvt) Limited, which makes it the first technology company to go public in more than 5 years.

In this regard, Avanceon Limited has mandated BMA Capital due to its unprecedented legacy of serving as a top-tier financial institution since 1992 offering a diverse range of services and having a network of 17 branches spread across Pakistan.

Furthermore, Avanceon Limited has mandated BMA Capital Management Limited (BMA Capital) to lead a planned Initial Public Offering (IPO).

With this partnership, Octopus Digital (Pvt) Limited aims to tap into a large investor base to raise capital and provide Pakistan’s capital market an opportunity to invest in Smart Industries. Octopus Digital (Pvt) Limited is the result of three decades of experience and expertise within the Industrial Automation space. The newly formed entity helps businesses digitize their manufacturing, supply chain and financial workflows backed by strategic and operational maintenance support services.

Octopus Digital (Pvt) Limited will have the distinction of being the first Industry 4.0 entity to go public in Pakistan. It shall be converted into a public limited company in due course of time within the mandate.

PSX performance has been impressive in 2020 despite the challenges of Covid-19 and related to lockdown. So far, two companies TPL Trakker and The Organic Meat Company got listed at PSX whereas three more companies such as Agha Steel Industries Limited, Servis Global Footwear Company and Octopus Digital are in the queue to get listed.

Avanceon is an industrial automation consultation and system integration entity in Pakistan, Qatar, UAE, KSA, and United States.

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