![]() Since startups are not developed enough to meet the criteria for being listed on the stock exchange, the GEM board provides a way to utilize the exchange without going through the old fashioned way of raising money in public markets. Normally, startups try to get funding from individual venture capitalists, VC firms, or angel investors in different rounds. ![]() Essentially, this means that the PSX now has an undercard where high-risk companies can put themselves up for IPOs and investments. It is designed particularly to facilitate small enterprises, startups and green field companies that are aspiring to raise funds through capital markets but cannot fulfill the cumbersome conditions for listing on the Main Board of PSX. Growth Enterprise Market Board is a listing platform aimed at facilitating Growth oriented businesses whether small, medium or greenfield businesses to raise capital to fund their growth and expansion plans. That is why perhaps it is not so strange how instead of losing itself in the race to get venture capital money, bluEX is going for an IPO and that too on the GEM board. Companies like TCS are now making a change towards eCommerce backed by their decades long legacy, while the startups have been geared towards this model from the very beginning.īlueEX had to make a complete pivot and turn itself around to become an eCommerce logistics company. Companies like TCS have been around since 1983 while newer startups like Swyft have only been around for a couple of years. If you place it in the context of Pakistan’s logistics market it enters the timeline somewhere around the middle. The question now is whether blueEX can beat the odds, and how they got to this position in the first place.Įverything about blueEx seems to scream middle-ground. The decision to go for an IPO is a brave one, and it has set off a lot of wagging tongues. ![]() However, despite all of these misgivings, one thing that goes in the favour of blueEX is that they have not taken this lying down. Not only do the people heading it not exactly inspire confidence, there is also the issue of there being a lot of competition in the logistics space and blueEX not quite showing what sets them apart. The majority stakes of the company lie with Safina Danish Elahi, whose husband Danish Elahi is the CEO of the Elahi Group and got sentenced to time in the slammer for embezzlement.Īs one can clearly see, blueEX isn’t exactly a venture capitalist’s dream project. Bluex tobacco warnall skin#At the helm of the company is Imran Baxamoosa, who despite being CEO does not have a lot of skin in the game with only 5% ownership of blueEX. Given the cast of characters running blueEX, the latter is a more likely possibility. It could either mean that the people behind blueEX have had an inspired moment of brilliance, or that they have failed to raise money through the traditional VC route, and are now going to the PSX as a second resort. For blueEX to then go for an IPO, and that too on the PSX’s GEM board means one of two things. In this climate everyone wants a slice of the massive venture capital pie that has turned its attention towards Pakistan. Pakistani companies are currently going through a funding fever-dream fueled by the success of numerous Pakistani startups, particularly tech startups. The move is a bold one, which is precisely what makes this story so interesting. A few days ago, it was announced that it was looking to raise Rs445.7 million through an initial public offering (IPO) on the Pakistan Stock Exchange’s Growth Enterprise Market (GEM) board. Instead, the source of his soon-to-be fortune is his investment in a little known logistics and delivery company called blueEX.įounded in 2005, blueEX is a logistics company that initially came onto the scene to compete with organisations like TCS, but in the recent past has made an active pivot towards providing eCommerce logistics solutions. But the former Pakistan captain is not about to make bank on a lucrative commentary deal, nor is he accepting the many offers for coaching that he regularly gets. ![]() Wasim Akram might be about to make some money. ![]()
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