TPL Trakker, the largest Pakistani IoT company, has raised Rs. 802 million by selling out 66.8 million of its shares at the rate of Rs. 12 per share through an IPO at the Pakistan Stock Exchange.
The IPO received an overwhelming response as it has become over-subscribed by 1.15 times or 14.7 percent. The IPO consisted of Rs. 699 million (58.3 million ordinary shares) of the base issue with a Green Shoe option of up to an additional Rs. 689 million through 57 million ordinary shares. The company informed that it would utilize the Green Shoe Option.
The shares bought by institutions including banks, mutual funds, insurance companies, and high net worth individuals. The company will use the raised fund to expand its business range.
Established in 1999 as an Asset Tracking Company, over the years TPL Trakker, has rapidly evolved beyond its foundations as a regional player in the tracking industry and transformed into an IoT technology company with a robust portfolio of end-to-end solutions and services, including mapping and location-based services via its mapping arm, TPL Maps.
Speaking on the IPO, Sarwar Ali Khan, CEO TPL Trakker, told ProPakistani,
At TPL Trakker, we are on a mission to deliver connectivity, mobility and location Solutions and Services to the individual consumer and to businesses. The tremendous response we have received for our IPO signals our standing in the industry and the trust we have with investor. This investment will help TPL Trakker continue to power digital transformation in Pakistan and help put the country on the global digital map.
Malik Sheheryar, CFO TPL Trakker, said,
This successful IPO will finance our regional expansion of IoT solutions, investment in developmental IT infrastructure, capital development for mapping data and working capital for Connected Car and IIOT (Industrial Internet of Things) solutions. I am confident in our strategic plans for the company and look forward to a promising future for TPL, not just in Pakistan, but in international markets as well.
The company has secured partnerships with established businesses and promising startups in Pakistan, including Telenor, Eat Mubarak, Bykea, foodpanda and MiRyde to name a few, to provide location-based services and power the On-Demand digital space in the country.
TPL Trakker recently launched a groundbreaking project with the government that helps identify the coronavirus hotspots across the country. The company has shifted in the past two to three years from being a hardware company selling tracking devices to a software-based player. It wants to expand towards a cloud and subscription model and the idea was to go towards software to offer solutions regionally.
Recently, TPL Trakker introduced two new software solutions. The first, Driver Fatigue, is a software-based solution that helps companies assess drivers’ conditions and reach out to them to prevent accidents. The second solution, a predictive maintenance software, allows users to identify problems in vehicles before they get out of hand, allowing them to take preventive action.
The wholly-owned subsidiary of TPL Corp is currently the only service provider of container tracking services for bonded cargo in Pakistan with state-of-the-art container security solutions and operational infrastructure, and an operational setup inside Gwadar port serving as a catalyst for China-Pakistan Economic Corridor’s (CPEC) cargo movement.