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Octopus Digital IPO Dates Confirmed 

Avanceon Limited Subsidiary to Launch IPO in September 2021 

Lahore, Pakistan – Pursuant to the provisions of Sections 96 & 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations, the following information is conveyed –   

This is in continuation to the disclosures made by Avanceon Limited (the “Company”) dated August 06, 2021, regarding the listing of Octopus Digital Limited, a wholly-owned subsidiary of Avanceon Limited.   

Avanceon Limited is pleased to announce that the Securities and Exchange Commission of Pakistan (“SECP”), in terms of its letter dated August 05, 2021, has accorded its approval, under Section 87(2) read with Section 88(1) of the Securities Act, 2015, to ODL to issue, circulate and publish the Prospectus for the issuance of 27,350,000 ordinary shares.  

The following dates have been confirmed with PSX. 

Event  Day  Date 
Publication of Prospectus in Newspapers  Thursday  September 02, 2021 
Book Building  Thursday & Friday  September 09 & 10, 2021 
Public Subscription  Thursday & Friday  September 16 & 17, 2021 

Issue Size: The Issue consists of 27,350,000 Ordinary Shares i.e., 20.00% of the total post-IPO paid-up capital of Octopus Digital Limited (OCTOPUS) of face value of PKR 10/- each.  

Method of Offering: 100% Book building method.  

Book Building Method and Floor Price: The IPO will be conducted through a 100% book building method at a Floor Price of PKR 29/- per share with a maximum price band of up to 40% above the Floor Price.   

The bidders shall be allowed to place bids for a hundred percent (100%) of the Issue Size and the Strike price shall be the price at which the hundred percent (100%) of the Issue is subscribed. However, the successful bidders shall be provisionally allotted seventy-five percent (75%) of the Issue size i.e., 20,512,500 shares and the remaining twenty-five percent (25%) i.e., 6,837,500 shares shall be offered to retail investors.   

Retail/General Public Portion: General Public portion of the Issue comprises of 6,837,500 ordinary shares (25% of the total issue) at the Strike Price. In case a retail portion of the Issue remains unsubscribed, the unsubscribed shares will be allotted to the successful bidders of book building on a pro-rata basis.  

For more information about the planned Octopus Digital Limited IPO, please contact investors@avanceon.ae 

—End of News Release— 

About Octopus Digital – Octopus Digital, an AVANCEON subsidiary company, helps businesses digitalize their manufacturing, supply chain, and financial workflows backed by strategic and operational maintenance support services in the US, Middle East, and South Asia. Thus, making decision support, actionable insights, and business intelligence available 24x7x365 both as managed and unmanaged service on a multi-year monthly subscription basis. Find out more about Octopus Digital at www.octopusdtl.com 

About Avanceon – (PSX: AVN) – Avanceon is an industrial automation consultation and system integration entity in Pakistan, Qatar, UAE, KSA, and United States. The company follows an ethical, proactive, and sustainable approach to business. As a leading innovator within the automation industry, Avanceon provides state-of-the-art automation solutions on three continents. Established in 1984, Avanceon is committed to providing engineering excellence to its clients and partners. Providing end-to-end solutions, which include Design, Supply, Engineering, Installation, Testing, Commissioning, and Maintenance, Avanceon’s executive management has extensive experience and insight within the automation and system integration industry. Avanceon is an ISO 9001-2015, 14001-2015, and OHSMS ISO 45001-2018 company holding certifications from TUV Austria and TRACE International. Find out more about Avanceon at www.avanceon.ae 

 

 

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