KARACHI: Octopus Digital is going for its Initial Public Offering (IPO) this month marking the first tech IPO in last 7 years.
Octopus Digital is a 100 percent wholly owned subsidiary of Avanceon Limited, and focuses on digitalization solutions for various businesses, apart from providing tech upgradation, and database maintenance services.
Avanceon Limited is a full-fledged technology powerhouse focused primarily on automation services. Avanceon’s business is diversified into various segments and in CY19 the AMS (After Market Support) Engineering and Technical Services business of the company was merged into Octopus Digital.
As of the first quarter of CY21, Octopus has 89 contracts with average contract duration of 3-5 years. As of CY20, Octopus customers contributed 6.5 percent to total AMS revenues while 15.4 percent came from Elegencia Hospitality and Facilities Management Services and 14.7 percent came from Pakistan Petroleum. Overall the clientele is highly diversified into various sectors including Oil and Gas, FMCGs, Chemicals and Public Utilities.
IPO: Octopus Digital's book building to be held on September 9, 10
The IPO comprises of an issue of 27,350,000 shares of face value of Rs 10 each at a floor price of Rs 29/share, and which would make up 20 percent of the total post-IPO paid-up capital. The total capital to be raised is Rs 793 million and the primary purpose for raising these funds is to develop various intellectual properties.
The company aims to develop...
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