Islamabad-based Secure Logistics Group Limited is planning an initial public offering at the Pakistan Stock Exchange to generate Rs. 750 million ($2.7 million), Bloomberg reported on Friday.
Once the share sale is finished, Secure Logistics will become Pakistan’s first listed logistics company.
Shahid Ali Habib, the CEO of Arif Habib Limited – manager to the potential book-building process – said the company intends to sell around 63 million shares in the first quarter of this year. The funds will be used to help pay off the company’s debt.
Secure Logistics has a total of 283 transport vehicles and its revenue is expected to climb to Rs. 2.1 billion in 2023 and surge higher by 28 percent in 2024.
Secure Logistics was founded in 2011 and is backed by Saudi Arabia’s Bugshan Group and Karandaaz Pakistan. According to government data, 95 percent of freight transportation in Pakistan is done via roads. Cargo generally moves in trucks and other commercial vehicles.
It bears mentioning that Pakistan’s IPO space almost came to a standstill last year when investors bowed out of investing in Pakistan amid fears of default. According to Bloomberg data, only one business went public and raised approximately $1.6 million last year.
Once the share sale is finished, Secure Logistics will become Pakistan’s first listed logistics company.
Blue Ex (Universal Network Systems Limited) already listed at PSX. so this Secure Logistics will not be the first listed logistics company.