Symmetry Group Ltd., a Pakistani technology company established during the time when the majority of the country’s internet users were using dial-up connections, intends to go public through an Initial Public Offering (IPO) in March with an estimated raising of Rs430 million.
Symmetry, a digital services company based in Karachi, will be selling 78 million shares at a fixed price of 5.5 rupees per share, according to CEO Syed Sarocsh Ahmed. The offering will consist of 71% new stock and the remaining shares will be existing shares sold by the company’s founders. The company was founded in 2003 by Syed Sarocsh Ahmed and his brother, Executive Director Syed Adil Ahmed, with an initial investment of 150,000 rupees (approximately $2,580 at the time). The company initially offered advertising services and consultations to major media houses in Pakistan, filling a gap in the market for digital marketing.
Now, Symmetry focuses on digital marketing, sales, and consumer-centered services. The company generated a net income of 71.3 million rupees in fiscal year 2022, a 24% increase from the previous year. Its client list includes Veon Ltd and Habib Bank Ltd. The growth of Symmetry reflects both the growth of the digital marketing industry in Pakistan and the increase in internet users, which have tripled to 124 million over the past six years.
Symmetry plans to use 60% of the funds raised from the IPO to develop AI-powered products for consumer insights and performance indicators, as well as expanding internationally. The company is in talks with distributors in the Middle East and Asia Pacific and aims to increase its overseas revenue to 50% within three years, up from 25%. The company has received approval for the listing from the stock exchange and will file for regulatory approval from the Securities and Exchange Commission of Pakistan this week. Topline Securities Ltd is advising Symmetry on the share sale.