Octopus Digital Completes Highly Successful IPO by Achieving 4.39x Subscription of its Retail Portion
Octopus Digital Shares Remain in High Demand as the Retail Portion Receives an Overwhelming Response from the General Public
Karachi, Pakistan – Octopus Digital, a wholly-owned subsidiary of Avanceon Limited, has successfully completed its Initial Public Offering. The General Public Subscription, scheduled on September 16 & 17, 2021, offered 6,837,500 shares at the strike price of 40.60 PKR.
The General Public Subscription of the IPO received an overwhelming response with 16,883 applications for a total of 30,032,500 ordinary shares against an issue size of 6,837,500 (25% of the total issue). The issue was heavily subscribed by 4.39 times with 23,195,000 shares spoken for amounting to 941,717,000 PKR. The General Public Subscription’s performance follows a similar trend with regards to the book-building portion of the IPO where Octopus Digital was able to generate huge interest by high net worth and institutional investors.
The book-building portion of the Octopus Digital IPO, scheduled on September 09 & 10, 2021, became the most heavily subscribed issue in Pakistan Stock Exchange’s history. The issue was 27+ times subscribed with demand exceeding 745 million shares on an issue size of 20,512,500 shares (75% of the total issue).
Octopus Digital has the distinction of being an Industry 4.0 pioneer in Pakistan and the Middle East. The company provides major multinationals Digital Dashboards, Prediction via Machine Learning, and Cloud Computing without any Capex Investment. Through its unique monthly subscription model, the fundamental needs of the industrial process monitoring, measurement, and performance reporting are met via cloud-hosted Topware™ using Microsoft Azure cloud-native, open-source, Big Data DataLake.
Octopus Digital is currently engaged with several high-profile global customers in multi-year service level agreements by its After Market Support (AMS) arm. It also has a strong pipeline of opportunities in place on which Octopus Digital aims to capitalize over the next few years.
The subscription summary and final ballot result is available at https://octopusdtl.com/investor-information/.
—End of Press 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 Limited 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