In an exciting development for Pakistan’s capital market, TPL Trakker, a pure tech based company, was listed at Pakistan Stock Exchange (PSX). This was the second listing of FY21, which came after only five days of successful listing of The Organic Meat Company.
The gong striking ceremony was attended by Ahmed Chinoy, Muhammad Ashraf Bawany – Board Members of PSX, Nadir Rahman, COO of the Exchange, Sarwar Ali Khan – CEO of TPL Trakker, Shahid Ali Habib – CEO, Arif Habib Limited (Consultant to the Issue), Muhammad Fakhar – Associate, Investment Banking at Habib Bank Limited (Corporate Advisor & Bankers to the Issue), senior management and other team members of these organizations. In the greater interest and safety of the public and to avoid a large gathering of people, the gong ceremony was streamed digitally through virtual media channels.
TPL Trakker went public by offering 58.3 million shares (Base Issue) at Rs 12 per share along with an additional 57.4 million shares (Green-Shoe Option) at Rs.12 per share from its Initial Public Offering (IPO) via the Fixed Price mechanism. The public offering took place on July 22-23, 2020. The public subscription was a success for TPL Trakker as the issue was oversubscribed by 1.15 times. A total of 1,488 applications were received for subscribing to 66.82 million shares, helping TPL Trakker to raise Rs801.82 million from the IPO. Interestingly, a majority of the applications were received through the EIPO system of the Central Depository Company which reflects a growing trend amongst the investors to file online applications of shares in an IPO.
TPL Trakker is Pakistan’s leading Telemetric Company providing IoT, Tracking, Mapping and Location Based Solutions. The Company has been offering its products and services since last two decades to the Pakistani public requiring vehicle tracking services. It has been a pioneer in introducing vehicle tracking services in Pakistan.
For the IPO, Arif Habib was the Consultants to the Issue and Habib Bank was the Corporate Advisor. Bankers to the issue were Habib Bank, MCB Bank, Meezan Bank, Bank Al-Habib, Habib Metropolitan Bank and Allied Bank. The public issue was underwritten by Arif Habib, AKD Securities, Habib Bank, Intermarket Securities, Topline Securities, Bank Al Habib and Next Capital.
Through the capital raised, TPL Trakker plans to finance its regional expansion of IoT solutions, investment in IT infrastructure, development of mapping data and working capital for Connected Car and IIOT (Industrial Internet of Things) solutions.
Farrukh Khan, Chief Executive Officer, PSX in his welcome address said, “It is a matter of great pride to announce the listing of TPL Trakker at PSX, the second company listed during the current year. The successful IPO and listing of TPL Trakker, a pure technology based company, has been completed efficiently amidst the challenges posed by the coronavirus and the ensuing impact. This further demonstrates that companies are actively utilizing the stock exchange as their preferred platform to raise capital and invest to strengthen their businesses. In recent days PSX has been witnessing record trading volumes. The increased activity proves that Pakistan’s capital market is resilient and fully able to play its part in the country’s economic development, despite the current challenges”.
Shahid Ali Habib, CEO of Arif Habib, Consultant to the Issue, commenting on the IPO said, “I am delighted that TPL Trakker, one of Pakistan’s largest IoT companies, is getting listed at PSE. It is a proud moment for us to have facilitated this journey for the Company that will be a new pure tech player within the technology sector of PSE. We have received very good participation from institutions, including mutual funds, banks, insurance companies and HNWIs in this IPO”.
Speaking at the gong striking ceremony, Sarwar Ali Khan, Chief Executive Officer, TPL Trakker said, “Striking the gong is symbolic in many ways for us at TPL Trakker. It rings in a new beginning, and an outlook for the future that is riddled with opportunity. Trakker has come a long way since 2001 and as we expand our portfolio further into Logistics and Transportation, diversify into new verticals, and bring innovative IoT Solutions and Services to the market, we are poised to execute our vision of regional growth. I would like to thank the entire investor community who has faith in TPL Trakker and its scope. And I am proud and humbled to be a part of the Trakker team without whom none of this is possible”.