An initial public offering in March by Pakistani technology company Symmetry Group Ltd., which was established when the majority of the nation’s internet users were still using dial-up connections, is expected to collect around 430 million rupees ($1.6 million). Symmetry Group intends to sell shares and grow its international company. The company has been helping clients target Pakistan’s 124 million internet users.
According to Chief Executive Officer Syed Sarocsh Ahmed, the Karachi-based business, which offers digital services such as marketing and has as clients the local divisions of Colgate-Palmolive Co. and Procter & Gamble Co., would sell 78 million shares at a set price of 5.5 rupees per share. 71% of the offering will be new stock, with the remaining portion being existing shares of SHA.
Symmetry was founded by the sibling duo in 2003 by Saorsch and Adil Ahmed with an investment of 150,000 rupees at the time. At the time, they were selling advertisements on websites and provided consultations to media houses in Pakistan.
“We saw a gap. Digital marketing was happening globally, it was the next big thing. It was not happening in Pakistan at that time,” he said in an interview, as reported by Bloomberg.
Presently, the company’s primary focus is on digitising marketing, sales, and other consumer-focused operations. A document seen by Bloomberg News states that it had net profits of 71.3 million rupees in the fiscal year 2022. Bloomberg estimations show a 24% increase over the prior fiscal year. Aside from that, it has Habib Bank Ltd., the largest bank in the country, as a client. Veon Ltd.’s local branch.
According to the Pakistan Telecommunication Authority, the number of internet users in Pakistan has more than quadrupled to 124 million in the last six years, reflecting both the industry’s expansion and Symmetry’s rise. According to Symmetry’s research, more over 45% of Pakistanis under the age of 25 prefer digital platforms to traditional media like radio, newspapers, and television.
