The Pakistan Stock Exchange Limited (PSX) on Friday announced it has inked an agreement with 1LINK (Pvt.) Limited to revamp its book building system.
The development, per a statement, would allow participants to make payments online in excess of Rs. 1 million through the 1LINK 1BILL platform. It would utilize the revamped Book Building System developed indigenously by the PSX.
The revamped system features advanced functionalities with a user-friendly interface capable of catering to multiple Book Buildings simultaneously for all market participants. The upgraded BBS introduces a series of advanced features aimed at improving the overall experience of both institutional and high-net-worth individuals during the bidding process.
PSX CEO Farrukh H. Sabzwari signed the agreement on behalf of his organization, while 1LINK CEO Najeeb Agrawalla represented his organization. Additionally, SECP Securities Market Division Executive Director Imran Inayat Butt and senior management of both organizations attended the ceremony.
“I extend my heartiest congratulations to the teams at PSX and 1LINK for the enhancement of the PSX Book Building System to facilitate investors in an IPO,” said Sabzwari. “The revamping of this system is a major step forward for the capital market in terms of payment automation and limit enhancement for book building for an IPO. This agreement reflects PSX’s commitment to modernize the capital markets by making it more accessible for participants and is aimed at enhancing convenience while ensuring greater transparency and efficiency.”
He also thanked the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) for playing an instrumental role in facilitating the development and implementation of the system. “We also thank them for offering invaluable guidance for ensuring alignment with global best practices,” he added.
1LINK’s Agrawalla described the collaboration with PSX as a “major leap” forward in transforming Pakistan’s capital markets. “By enabling seamless online payments during the IPO Book Building process, we are not just enhancing investor experience but also contributing to a more transparent, efficient, and accessible financial ecosystem. We are proud to be part of this milestone development,” he said.
The deployment of the enhanced book building system would occur in the coming weeks, with the PSX and 1LINK promising a seamless and efficient IPO experience for all stakeholders.