ISLAMABAD - As per the mandate given by the Ministry of Information Technology, Pakistan Software Export Board (PSEB) has launched its initiative to provide easy access to capital markets for small and medium IT based enterprises via initial offering on Growth Enterprise Market Board (GEM) of Pakistan Stock Exchange (PSX).
GEM Board is a listing platform aimed at facilitating growth-oriented businesses where small, medium, or green-field businesses raise capital to fund their growth and expansion plans.
PSEB aims to list forty (40) IT/ITeS companies on the GEM Board of PSX, to whom it will extend significant financial and technical assistance in raising capital via listing on PSX GEM Board. For the inaugural listing under the auspices of PSEB, AKD Securities Limited has been nominated for the initial eight (08) companies.
The event was attended by CEO PSX, Farrukh H. Khan who stated, “This initiative is a steppingstone to the existing GEM Board structure and would definitely create an environment that encourages small and medium enterprises to consider GEM board as a route for raising smart capital”.
Speaking on the occasion, Managing Director PSEB Osman Nasir said: “Pakistan is on the verge of witnessing an IT revolution through technology startups riding the wave for the country. Considering this potential, PSEB’s initiative is commendable as it would provide an avenue for IT/ITES companies to execute their long-term goals through access to equity financing.”
Farid Alam, CEO AKD Securities Limited, also graced the occasion. He said that AKDS has always been a promoter of new initiatives in the capital market which is also evident through its inaugural listing at the GEM Board. As the financial advisor to the project, AKDS would market the opportunity to the larger audience and garner their interest in raising capital through listing on this board.
Talib Baloch, Program Director of PSEB, also attended the event. He commented that “as per our mandate, PSEB has been constantly working on supporting IT/ITES companies through various initiatives. We believe that listing such entities on the local bourse would not only raise capital at micro level but also support the entire financial ecosystem.”