NetSol to spin off Pakistan unit in $30 million-$40 million IPO

NetSol, the only Pakistani company to be listed on Nasdaq, now plans to spin off its Pakistani unit on the Karachi Stock Exchange.

NetSol International, an information technology consultant and software developer, plans a $30 million to $40 million initial public offering of shares in its Network Solutions Pakistan subsidiary, in a move that would make it the first IT company to be listed in Pakistan.

NetSol's president, Najeeb Ghauri, said the company plans to list the subsidiary within four to six months on the Karachi Stock Exchange. It will use the money to complete construction of its $10 million technology campus in Lahore, and to build infrastructure sites in Karachi and other cities across Pakistan.

NetSol, headquartered in the US, was formed in 1995 by four Pakistani brothers with the aim...

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