External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Cross Asset Strategy

<ul>
<li>Pakistan market (PSX) saw just one IPO in 2023, with a meagre Rs435mn of funds raised. This is the lowest amount raised in a year in the past decade and half of the previous record low of Rs800mn seen in 2013.</li>
<li>In terms of number of IPOs, PSX has yet again seen a single IPO after 2019. This is in sharp contrast to the previous 5 year and 10 year average of 4 IPO’s/year.</li>
<li>We attribute this bad IPO trend to macro-economic instability, coupled with the looming threat of default, cheap valuations and political uncertainty discouraging equity investment.</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Pakistan market (PSX) saw just one IPO in 2023, with a meagre Rs435mn of funds raised. This is the lowest amount raised in a year in the past decade and half of the previous record low of Rs800mn seen in 2013.
In terms of number of IPOs, PSX has yet again seen a single IPO after 2019. This is in sharp contrast to the previous 5 year and 10 year average of 4 IPO’s/year.
We attribute this bad IPO trend to macro-economic instability, coupled with the looming threat of default, cheap valuations and political uncertainty discouraging equity investment.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Strategy - 2023: Bad Year for IPO’s, Good for Stocks