The formal trading in the shares of TPL Trakker Limited has started at Karachi Stock Exchange on Monday. In this regard, a ceremony was held at the main trading hall of Karachi Stock Exchange (KSE) to mark the formal listing and commencement of trading in the shares of the company. On this occasion, the trading session started with the ringing of the gong to formally commence trading and listing of TPL Trakker Limited.
Ali Jameel, Chief Executive Officer, TPL Trakker Limited rang the traditional opening bell.
Talking to media, Ali Jameel said TPL Trakker Limited is the leading company in vehicle tracking business in Pakistan. "We are the leading company in UAE and also have our presence in Afghanistan", he said adding that the company plans to expand its business to some other countries including Qatar, Oman, Bahrain and Jordan.
He said the raised money through this IPO would help the company to expand its business to the said countries.
The company had offloaded 300 million shares at the rate of Rs 10 each, of which 200 million were offloaded through book-building process and remaining 100 million shares through initial public offering (IPO) to the general public.
After listing at Karachi Stock Exchange, TPL Trakker Limited plans its listing at Lahore and Islamabad stock exchanges soon.
Speaking on this occasion, deputy managing director of Karachi Stock Exchange, Haroon Askari said it is a positive sign that the young companies like TPL Trakker are coming for listing at the local bourse.
He pointed out that despite economic turmoil, new listed companies had raised Rs 55 billion from the capital market during last ten years.
He said the listed companies had shown growth of 25-30 percent while the country's GDP growth was 4 percent.
He pointed out that the listing of some more companies is in pipeline and it is expected at least three new companies would be listed on the Karachi Stock Exchange in the next few months.
On the first day of trading, the share of TPL Trakker Limited after moving both sides between Rs 10.25 intra-day high and Rs 9.01 intra-day low finally closed at Rs 9.42, down Re 0.58 with total volume of 314504 shares.
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