Jazz is eyeing an Initial Public Offering (IPO) on the Pakistan Stock Exchange (PSX) in the near future.
In a recent media briefing, Jazz CEO Aamir Ibrahim said the telecom company doesn’t aim to raise capital by going public but to show commitment to Pakistan and for local investors to benefit from its success, Profit reported on Wednesday.
While Ibrahim did not specify a timeline for the listing, he affirmed that it is indeed part of the company’s future plans. Contrary to the typical objective of raising capital through an IPO, Jazz aims to utilize this step to contribute to the development of the country’s capital markets.
One of the key rationales behind this move is to dispel the perception that foreign companies operating in Pakistan solely extract profits without reinvesting in the local economy. By going public, Jazz intends to distribute dividends to local retail and institutional investors, thereby fostering a more inclusive economic environment.
Ibrahim said the IPO would enable Jazz to offer
equity to its employees, help improve talent retention and foster a culture of ownership within the company.
If Jazz proceeds with its plans for a public listing, it has the potential to mark one of the largest IPOs in the history of Pakistan, potentially surpassing previous milestones such as Air Link’s offering.
Source: Pro Pakistani