Symmetry Group, a digital technology company based in Pakistan, plans to launch an Initial Public Offering (IPO) for a new subsidiary that will focus on AI-powered solutions.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“The Board of Directors of Symmetry Group Limited has approved the initiation of the IPO process for a new subsidiary focused on AI-powered solutions and platforms (including Influsense.ai and Vidfy.ai),” read the notice.
The company informed that it plans to raise approximately Rs1.5-Rs2 billion through the IPO.
“The board has approved the appointment of KTrade Securities Limited as the IPO advisor to complete this process within a period of 6 months from the date of board approval.”
“This marks a significant milestone in our growth strategy as we aim to scale these AI-driven platforms and expand into new markets,” it added.
Symmetry is a digital technology and experiences company that specialises in digital products and services. The prime focus of the company is on the transformation and digitalisation of marketing, sales and other consumer-centric functions of organisations by providing services such as digital consultancy, digital strategy, development of IPs for the customers, web, mobile & desktop applications, website, portals and user interface, IoT devices etc.
Last year in September, the company announced that it would establish its subsidiary in the UAE.
“This subsidiary will pave the way for global launch and scaling of the intellectual properties (products), developed in-house,” it said back then.
The company was of the view that this new entity would enhance Symmetry Group’s “credibility and provide greater access to business opportunities across the GCC and international markets”.
