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Avanceon Limited
Formerly	Innovative Automation and Engineering Ltd (IAEL)
Company type	Public
Traded as	PSX: AVN ; KSE 100 component
ISIN	PK0107501014
Industry	Information technology
Founded	2003; 22 years ago
Founder	Bakhtiar Hameed Wain
Headquarters	The Avanceon Building, Main Multan Road, Lahore
Area served	Pakistan, Qatar, United Arab Emirates
Key people	Bakhtiar Hameed Wain (CEO); Khalid Hameed Wain (Chairman)
Number of employees	246 (2022)
Subsidiaries	Avanceon FZE Dubai, Avanceon Automation & Control W.L.L Qatar, Octopus Digital
Website	avanceon.com

Avanceon Limited is a Pakistani technology company headquartered in Lahore.

Avanceon subsidiaries include Avanceon FZE Dubai,^[2] Avanceon Automation & Control W.L.L Qatar,^[3] Octopus Digital,^[4] and Avanceon Saudi for Energy Co. WLL.

History

Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company's majority stakes was acquired by Engro Corporation which merged it with Advanced Automation Associates (AAA) to eventually rebrand it as Avanceon.^[5] Avanceon was converted to a public company in 2008.^[6] Engro Corp. divested its shareholding in Avanceon in 2012.^[5]

In 2014, Avanceon was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.^[5]

Subsidiaries

Octopus Digital^[7]

References

^ "Annual Report 2022" (PDF). Avanceon Ltd. April 2023. Retrieved 16 July 2023.
^ "Avanceon signs $3.6m contract with Dubai Metro". DAWN.COM. 2 September 2021. Retrieved 24 July 2023.
^ "Avanceon's subsidiary awarded major municipality contract in Qatar". Profit by Pakistan Today. 5 July 2023. Retrieved 24 July 2023.
^ "Avanceon subsidiary Octopus Digital to go public". Profit by Pakistan Today. 11 October 2020. Retrieved 24 July 2023.
^ ^a ^b ^c Hassan, Taimoor (31 December 2018). "While PSX has a horrible year, one company more than doubled its share price". Profit by Pakistan Today. Retrieved 24 July 2023.
^ "Avanceon Limited". Business Recorder. 12 June 2023. Retrieved 24 July 2023.
^ Hassan, Taimoor (16 October 2022). "The rising Octopus". Profit by Pakistan Today. Retrieved 16 July 2023.

External links

Official website

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[AR22-1] "Annual Report 2022" (PDF). Avanceon Ltd. April 2023. Retrieved 16 July 2023.

[2] "Avanceon signs $3.6m contract with Dubai Metro". DAWN.COM. 2 September 2021. Retrieved 24 July 2023.

[3] "Avanceon's subsidiary awarded major municipality contract in Qatar". Profit by Pakistan Today. 5 July 2023. Retrieved 24 July 2023.

[4] "Avanceon subsidiary Octopus Digital to go public". Profit by Pakistan Today. 11 October 2020. Retrieved 24 July 2023.

[Profit-5] Hassan, Taimoor (31 December 2018). "While PSX has a horrible year, one company more than doubled its share price". Profit by Pakistan Today. Retrieved 24 July 2023.

[6] "Avanceon Limited". Business Recorder. 12 June 2023. Retrieved 24 July 2023.

[7] Hassan, Taimoor (16 October 2022). "The rising Octopus". Profit by Pakistan Today. Retrieved 16 July 2023.

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