Pakistan’s Information Technology and Telecommunications (IT/ITeS) sector is set to receive a significant boost after seven companies expressed interest in listing on the Pakistan Stock Exchange’s (PSX) Growth Enterprise Market (GEM) Board.
This news is the result of the Pakistan Software Export Board’s (PSEB) proactive initiatives to make it easier for IT companies to raise capital.
The PSEB, which plays an important role in promoting the IT industry, is actively collaborating with the PSX. The recent dissemination of proposed amendments to the GEM Board regulations demonstrates a desire to streamline the listing process.
The Securities and Exchange Commission of Pakistan (SECP) has reduced corporate governance requirements from 21 to three, making it easier for IT/ITeS firms to join the GEM.
According to PSEB, the initiative aims to list 40 IT companies on the GEM Board, increasing the total number of tech companies listed on the PSX. This expansion will strengthen the financial ecosystem for the IT/ITeS sector, promoting its continued growth.
“The listing of IT companies on the PSX will not only provide them with access to much-needed capital but also contribute to building a strong brand image for Pakistan’s IT/ITeS industry in the international market,” says a PSEB official.
To further encourage participation, the PSEB will cover 70% of the listing costs for qualified IT/ITeS companies, significantly lowering the financial burden of going public. This financial and technical assistance will be critical in guiding businesses through the listing process.
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