Universal Network Systems Ltd (UNSL), a logistics firm operating under the brand name of BlueEX, is looking to raise Rs445.7 million in an initial public offering on the Pakistan Stock Exchange (PSX).
“Accredited investors” will be able to subscribe to 6.85m ordinary shares — 25 per cent of the company’s post-issue paid-up capital — at the fixed price of Rs65 apiece on Nov 17-18 on the PSX’s Growth Enterprise Market (GEM) board.
It’ll constitute the second listing on the GEM board, which is reserved for “growth companies” carrying higher investment and liquidity risks than mature companies listed on the main board of the exchange. Pak Agro Packaging Ltd raised Rs198m by selling its 40pc post-listing stake through the GEM board early this month.
UNS was incorporated in 2005 as a domestic cargo consolidator. It shifted its focus towards e-commerce logistics in 2011 and conducted the country’s first cash-on-delivery shipment under the BlueEX brand.