KARACHI: TPL Corp on Friday formally announced the listing of its subsidiary TPL Trakker Limited at Pakistan Stock Exchange (PSX) through an Initial Public Offering (IPO).
In a notice to PSX, the company said that the board of directors of TPL Trakker Limited (TPLT), a wholly owned subsidiary of TPL Corp Limited, had accorded its approval to TPLT for listing at the PSX.
The board also granted approval to submit its listing applications before the PSX and SECP as per the applicable rules and regulations.
TPLT will be offering around 115.72 million ordinary shares of the face value of Rs10 each, at a price of Rs12 aggregating up to Rs1.4 billion by way of an IPO at a fixed price in accordance with the Public Regulations, 2017.
Earlier, TPL Corp Limited (TPL) held a Corporate Briefing on November 18, 2019 to discuss the financial results of FY19 and future outlook of the company.
In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4 billion.
Moreover, the company is in talks with two foreign strategic investment partners for equity injection.
TPL Group includes TPL Trakker Limited, TPL Insurance, TPL Properties, TPL Life, TPL Maps, TPL Security Services Private and TPL Rupiya.