ISLAMABAD:
Coeus Solutions Limited - a tech firm that develops software - has postponed its planned listing at Pakistan Stock Exchange due to prevailing political and economic conditions in the country.
Coeus Solutions’ decision to delay the initial public offering (IPO) highlights the cost that investors may have to pay if the current phase of uncertainty prolongs.
The tech company has postponed the scheduled book building for selling its stake to raise funds, at least two people familiar with the development told The Express Tribune. They said that no new dates had been decided yet.
Coeus Solutions develops and manages software for mostly German clients. The company has planned to use the proceeds to fund acquisitions and expand its products in the remote-working space, according to a news report in November last year.
An official familiar with the development said that the company had not completely shelved the plan for the IPO and it had only been postponed until after Eid.
He said that due to the volatility in international commodity and equity markets, it was not the right time for the IPO.
Brent crude prices went further up to $132 per barrel on Tuesday as the Russian attacks against Ukraine escalated. Commodity prices have also been on the rise.
The political situation in Pakistan has also deteriorated after the Pakistan Democratic Movement (PDM) - an alliance of opposition parties - announced its plan to submit a no-confidence motion.
The opposition on Tuesday...
Read Full Story: https://tribune.com.pk/story/2347026/tech-firm-delays-psx-listing
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.