Pakistan IT firm in New York bourse
ISLAMABAD- A $647 million Pakistani company has launched itself on the prestigious New York Stock Exchange, Nasdaq, despite the fact that IT stocks are not doing so good in the market.
The US-based health sector company, Align Technologies, with its back-up IT development centre in Lahore, has done a successful initial public offering (IPO) and was valued at over $647 million last week.
Align Technologies was co-founded by a 29-year-old Lahore origin ex-investment banker Zia Chisti in 1997 and he is the company’s chairman and CEO since then. Zia Chisti worked for Morgan Stanley’s investment banking division from 1992-95 before this venture.
One of Align’s biggest backers is renowned Silicon Valley venture-capital firm Kleiner Perkins Caufield & Byers, which owns 16.8 per cent of the company’s stock. Align is the second company after Netsol with a development center in Lahore which has gone public on Nasdaq, the New York-based world’s premier stock exchange. India’s top four IT companies Infosys, Satyam Infoway, Wipro and Rediff also trade on Nasdaq.
Source: The News