Pakistani rival to Google Maps plans IPO to pay down debt
Mapping and tracking services provider TPL Trakker is working with government to locate Covid-19 hotspots
20 July 2020 - 08:51
TPL Trakker, a Pakistani mapping and tracking services provider that is also working with the government to locate Covid-19 hotspots, plans to raise 1.4-billion rupees in an initial public offering and use the proceeds to pay its debt and expand.
The local rival of Google Maps will offer 115.7-million shares, including 57.4-million units through a green-shoe option, or overallotment, at 12 rupees each this week, TPL Trakker said in a filing. The subsidiary of TPL Corp will use the funds to repay a loan, grow its business in the Middle East and buy tech equipment...
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