LAHORE: InfoTech Group, one of the oldest technology companies in Pakistan, plans to raise Rs2 billion through an initial public offering (IPO) on the Pakistan Stock Exchange (PSX), planned for the third quarter of 2022 to recalibrate the business towards a product-oriented model instead of the present focus on services.
Before the listing on the PSX, some restructuring is also on the cards with InfoTech Group spinning off a company to launch financial technology (FinTech) operations that include launching an Automated Clearing House (ACH) to digitise cheque clearing, and ePayment gateway under a Payment Service Operator (PSO)/Payment Service Provider (PSP) license from the State Bank of Pakistan (SBP).
InfoTech also says that the new company will raise investment on its own and will not be a part of the listing on the PSX.
Established in 1995, InfoTech provides technology products and services across banking, public sector, capital markets, oil and gas, retail, telecommunication and utilities. The company’s operations at present include systems integration under which it works with technology partners like IBM, Microsoft, and Oracle to develop technological solutions for clients, for which its focus primarily is on serving the banking and financial services (BFSI) sector.
The secondary focus of the company is public sector automation under which it digitises government processes. In an interview, the company said that they had recently won a digital transformation project...
Read Full Story: https://profit.pakistantoday.com.pk/2021/10/17/pakistans-infotech-group-to-list-on-psx-in-q322-plans-to-raise-rs2bn-from-ipo/
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