Coeus Solutions, a software development company, has postponed its planned listing on Pakistan Stock Exchange.
Tell me more: The listing has been postponed due to prevailing political and economic conditions.
The company planned an IPO in the first quarter of this year. It planned to raise $5 million by listing on the Pakistan Stock Exchange’s Growth Enterprise Market Board.
The proceeds were to fund acquisitions and expand its products in the remote-working space.
The company has not entirely shelved the plan for the IPO but has only postponed it till after Eid.
It feels that the volatility in international commodity and equity markets is not the right time for the IPO.
Coeus Solutions issued a notification saying the margin money of the registered bidders will be refunded by 10th March.
You should know: Coeus Solutions was established in Lahore and has a distribution office in Berlin. The company caters to 30,000 businesses in Germany, including Audi AG and Allianz SE.
Zoom Out: Brent crude prices recently increased to $132 per barrel as the Russian attacks against Ukraine escalated.
Also, the political situation in the country is currently volatile. The Pakistan Democratic Movement (PDM) has submitted a no-confidence motion against Prime Minister Imran Khan in the National Assembly.
All these factors have contributed to the company postponing its book-building in PSX.