Karachi, Avanceon Limited informed Pakistan Stock Exchange that the Company 5 has been approved by the SECP and PSX to issue, circulate and publish the Prospectus for Initial Public Offering (IPO) of 27.350 million ordinary shares by Octopus Digital Limited (Company/Issuer/Octopus) to the institutional investors, high net worth individuals and the general public.
Avanceon Limited was incorporated in Pakistan on 26 March 2003, as a private limited company which was converted to a public company on 31 March 2008. The Company’s principally business is to trade in products of automation and control equipment and to provide related technical services.
In Pakistan they are operating from Lahore, Karachi and Islamabad in manufacturing and other segments which includes Oil and Gas, Power, Infrastructure, Transportation, as well as FMCG.
The Company is listed on Pakistan Stock Exchange Limited, and “AVN” is being used by the Stock Exchange for the shares of the Company.
The number of shares the company has introduced are 256,593,357. The Earnings per shares of the Company is 3.18 in 2020, which was 3.01 in 2019. The profit after taxation in 2020 has increased which is 673,839,000 compare to 653,870,000 in 2019.