Our IT export-led enterprises are frequently mature businesses with respectable margins of 35% or more, but they are largely first-generation owner-run businesses, and the normal medium-large scale local investors don’t truly get the IT industry and its needs.
The conventional banks aren’t really encouraged to venture outside of their comfort zone of investing in government bonds or IT firms. The bankers are more ready to lend against the machinery, equipment, inventory, and office building.
These companies are highly established and growing steadily, but they are not hyper-growth startups and do not truly fit the venture capitalists’ objective of “3X growth in 18 months.”Our IT export-led enterprises are frequently mature businesses with respectable margins of 35% or more, but they are largely first-generation owner-run businesses, and the normal medium-large scale local investors don’t truly get the IT industry and its needs.
The conventional banks aren’t really encouraged to venture outside of their comfort zone of investing in government bonds or IT firms. The bankers are more ready to lend against the machinery, equipment, inventory, and office building.
These companies are highly established and growing steadily, but they are not hyper-growth startups and do not truly fit the venture capitalists’ objective of “3X growth in 18 months.”Our IT export-led enterprises are frequently mature businesses with respectable margins of 35% or more, but they are largely first-generation owner-run businesses, and the normal medium-large scale local investors don’t truly get the IT industry and its needs.
The conventional banks aren’t really encouraged to venture outside of their comfort zone of investing in government bonds or IT firms. The bankers are more ready to lend against the machinery, equipment, inventory, and office building.
These companies are highly established and growing steadily, but they are not hyper-growth startups and do not truly fit the venture capitalists’ objective of “3X growth in 18 months.”Our IT export-led enterprises are frequently mature businesses with respectable margins of 35% or more, but they are largely first-generation owner-run businesses, and the normal medium-large scale local investors don’t truly get the IT industry and its needs.
The conventional banks aren’t really encouraged to venture outside of their comfort zone of investing in government bonds or IT firms. The bankers are more ready to lend against the machinery, equipment, inventory, and office building.
These companies are highly established and growing steadily, but they are not hyper-growth startups and do not truly fit the venture capitalists’ objective of “3X growth in 18 months.”
This left the stock market as our last uncovered stone. There were only 10–12 IT companies listed on the Pakistan Stock Exchange in 2020, some of which were thriving. However, very few IT companies were considering listing, not just as a way to raise money but also as a planned exit and a way for the founders to build wealth.
Enter the Growth and Enterprise Market (GEM) Board of the Pakistan Stock Exchange. To add 40 IT and ITeS companies to the GEM Board, we developed a project. Through a tendering procedure, AKD Securities became our first partner, and JS won the tender for the second phase.
I’m pleased to say that the first five tech startups have been chosen after this drawn-out selection process. I’d like to congratulate Riaz Ahmad, the President and CEO of iENGINEERING, Muhammad Abid Rasheed Abbasi, the CEO of NetSat Private Limited, Naveed Ali Baig, the CEO of Innovative Pvt Ltd, Sajjad Syed, the Chairman of Excellence Delivered (ExD) Pvt Ltd, and Zuhair Siddiqui, the CEO of Sapphire Consulting Services for being the first group of tech companies to begin developing GEM Board into.
I wish to express my gratitude to Abadan Mohajir, Vice President of Investment Banking at AKD Securities Ltd., and CEO Farid Alam for their close collaboration with our team. I want to commend Talib Baloch and the PSEB project team for their efforts in reaching this significant goal.
I’d like to see 40 and a lot more tech companies go public on the GEM Board of the Pakistan Stock Exchange (PSX), and I’d like to see GEM become into our country’s version of NASDAQ.
That 12-year-old has most likely fulfilled his vow to CREATE HIS OWN STOCK MARKET!
Five IT/ITeS companies and PSEB have entered into a tripartite agreement that will see them listed on the PSX Gem board.
We are pleased to collaborate with these organisations’ talented teams and thrilled to share in their ascent.
#PSEB #TechDestinationPakistan #PSX
