IPO: Octopus Digital's book building to be held on September 9, 10

The book-building process of Octopus Digital Limited, a 100% wholly-owned subsidiary of Avanceon Limited, will be held on September 9 and 10, said a notice sent by its parent company to the Pakistan Stock Exchange (PSX) on Friday.

The issue consists of 27.35 million ordinary shares.

The IPO will be conducted at a floor price of Rs29 per share with a maximum price band of up to 40% above the Floor Price (Rs40.6).

The notice added that the prospectus issuance will be on September 2, while the public subscription would be on September 16 and 17.

"We are pleased to announce that the Securities and Exchange Commission of Pakistan (“SECP”), in terms of its letter dated August 05, 2021, has accorded its approval, under Section 87(2) read with Section 88(1) of the Securities Act, 2015, to ODL to issue, circulate and publish the Prospectus for the issuance of 27,350,000 ordinary shares," read the notice issued on Friday.

Last week, Avanceon had said that the SECP and the PSX have approved the listing application of Octopus Digital Limited.

Octopus Digital will be the first technology company to conduct an IPO in Pakistan in more than seven years, stated the notice.

Avanceon's Octopus Digital set for IPO after PSX, SECP approves listing application

Pakistan has been seeing a rising trend of listings on the PSX with 8 IPOs offered in FY2020-21 alone. This is in stark contrast to the previous fiscal year when no IPO was offered. In 2009-10, 8 IPOs were made before the number touched 7 in FY15. However, 7 IPOs were conducted in three years combined, from FY18 to FY20, as Pakistan’s stock market remained under pressure due to slowing economic growth and political uncertainty.