Islamabad-based Secure Logistics Group Limited is gearing up for its initial public offering (IPO) on the Pakistan Stock Exchange, aiming to generate Rs. 750 million ($2.7 million), as reported by Bloomberg on Friday.
Upon successful completion of the share sale, Secure Logistics is poised to become Pakistan’s first publicly listed logistics company. The potential book-building process, managed by Arif Habib Limited, is set to involve the sale of around 63 million shares in the first quarter of this year, with the proceeds earmarked for debt repayment.
With a fleet of 283 transport vehicles, Secure Logistics anticipates its revenue to reach Rs. 2.1 billion in 2023, with a projected 28 percent surge in 2024.
Established in 2011, Secure Logistics enjoys the backing of Saudi Arabia’s Bugshan Group and Karandaaz Pakistan. Notably, 95 percent of freight transportation in Pakistan is conducted through road networks, primarily using trucks and other commercial vehicles, according to government data.
It’s worth noting that Pakistan’s IPO landscape experienced a slowdown last year as investors hesitated amid fears of default. Bloomberg data reveals that only one business went public, raising approximately $1.6 million in the past year.
