Avanceon

Avanceon Limited is a Pakistani technology company headquartered in Lahore.

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 (2003)
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)
Revenue	Rs. 16.156 billion (US$56 million) (2024)
Operating income	Rs. 1.762 billion (US$6.1 million) (2024)
Net income	Rs. 2.008 billion (US$7.0 million) (2024)
Total assets	Rs. 28.162 billion (US$98 million) (2024)
Total equity	Rs. 13.974 billion (US$48 million) (2024)
Number of employees	246 (2022)[1]
Subsidiaries	Avanceon FZE Dubai Avanceon Automation & Control W.L.L Qatar Octopus Digital
Website	avanceon.ae
Footnotes / references Financials as of 31 December 2024[update] [2]

Avanceon subsidiaries include Avanceon FZE Dubai,^[3] Avanceon Automation & Control W.L.L Qatar,^[4] Octopus Digital,^[5] 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.^[6] Avanceon was converted to a public company in 2008.^[7] Engro Corp. divested its shareholding in Avanceon in 2012.^[6]

In 2014, Avanceon was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.^[6]

Subsidiaries

• Octopus Digital^[8]