EUR 25.00 For Business Accounts Only

Topline Flash Note: TRG Pakistan LIMITED (TRG): TRG’s indirect subsidiary IBEX priced at US$19/share on NASDAQ

• In a notice to the Pakistan Stock Exchange, TRG Pakistan (TRG) has disclosed that its indirect portfolio company, IBEX Limited, has announced the pricing of its initial public offering (IPO) of 3,571,429 primary and 1,190,476 secondary common shares at a price of US$19/share.
• The market expectations hinged on US$20-22/share, based on company’s expectations communicated earlier.
• The pricing reflects a valuation of ~US$330mn for IBEX Limited.
• The underwriters have been granted a 30-day option to purchase up to an additional 714,285 secondary shares at the IPO price less underwriting discounts and commissions.
• TRG Pakistan’s pro-rated stake in IBEX, at the time of pricing, is approximately Rs18bn (i.e.Rs33/share).
• About TRG: It is one‐of‐its‐kind venture capital company in Pakistan, purposely formed to invest in tech companies. TRG through its subsidiary, The Resource Group International Limited (TRGIL), invests in businesses that provide outsourcing capacity, as well as in technology companies that support the sector. Two of TRG’s major indirect subsidiaries are Afiniti and IBEX which constitute the major portion of TRG value. These and other indirect subsidiaries operate Call Centers, Software & Artificial Intelligence (AI) Businesses, Medical & Health Insurance and Market Research.
• About IBEX: IBEX is a leading global customer experience company delivering solutions to help the world’s preeminent brands more effectively engage with their customers.

About Afiniti: Afiniti uses artificial intelligence (the first company to use AI to improve quality in customer service) to monitor almost 100 databases tied to landline, cell phones and public profiles to seek behavioral insights and pair caller with the right agent (more satisfied customers means more sales).