Pakistan's AdalFi plans PSX IPO next month: report
AdalFi is a Pakistani digital lending platform and a subsidiary of Techlogix, is planning an initial public offering (IPO) next month to expand its Islamic and small-business loans services, the digital lending platform. According to Bloomberg , the company plans to raise as much as Rs652 million ($2.35 million) by issuing new shares at the Pakistan Stock Exchange. AdalFi is focused on digital…
Pakistani digital lending platform AdalFi is set to launch an initial public offering (IPO) next month, according to a Bloomberg report. The company, a subsidiary of Techlogix, aims to raise up to Rs652 million ($2.35 million) through the sale of new shares on the Pakistan Stock Exchange (PSX). AdalFi specializes in digital financing with a mission to equalize credit access for all Pakistanis by utilizing data and Artificial Intelligence to make credit decisions.
Leveraging proprietary technology, the B2B2C fintech analyzes existing financial transactional data from banks to offer personalized digital marketing to potential customers and provide real-time loans. By implementing strict credit scoring, AdalFi ensures a high-quality portfolio for its banking partners. Following a $7.5 million funding round led by COTU Ventures, Chimaera Ventures, Fatima Gobi Ventures, and Zayn Capital in February 2023, AdalFi aims to tackle the issue of limited credit access in Pakistan, where only 30% of adults have access to formal banking services.
The PSX has witnessed a strong resurgence in its IPO market this year, with robust post-listing performance, high liquidity, falling interest rates, and political stability contributing to the surge.
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