First PSX listing of the new fiscal year granted approval

The Securities and Exchange Commission of Pakistan (SECP) has approved the prospectus for the initial public offering of Tasdeeq Information Services Limited, marking the first IPO clearance for fiscal year 2026‑27.

This approval follows the regulator’s new leadership, which took office in February 2026 and expedited the processing of public offerings. Ten companies listed on the Pakistan Stock Exchange in the prior fiscal year, collectively raising Rs18.39 billion. “The number of listings reached a two‑decade high,” said Shankar Talreja, Director of Research at Topline Securities.

Tasdeeq is a credit bureau licensed by the State Bank of Pakistan. It gathers, maintains and disseminates credit information on individual and corporate borrowers for member financial institutions, enabling lenders to assess risk and make informed decisions. The firm also provides a consumer‑facing application that lets individuals check their own credit scores.

Under the approved structure, Tasdeeq will offer 150 million ordinary shares with a face value of Re1, accounting for roughly 15.79 % of the post‑IPO paid‑up capital. The offering will be executed via book‑building, with a floor price of Rs1.90 per share and a price band extending up to Rs3 per share, representing a maximum increase of approximately 57.89 %.

Seventy‑five per cent of the issue — approximately 112.5 million shares — is earmarked for institutional investors and high‑net‑worth individuals. The remaining 25 % — about 37.5 million shares — will be offered to retail investors at a price set through the book‑building process. The retail tranche is fully underwritten. Additionally, in a parallel pre‑IPO placement, minority shareholders have agreed to sell 69 million ordinary shares, representing roughly 7.26 % of the post‑IPO capital, at Rs2.35 per share. Settlement of these shares is slated for within five working days after the public subscription, pending final regulatory approvals.

Topline Securities is acting as the lead manager and book runner. The draft prospectus was posted on the Pakistan Stock Exchange website in late June for public comment.

Market participants see the listing as more than a capital‑raising exercise. Mohammed Awais Ashraf, Director of Research at AKD Securities, observed that an SBP‑regulated credit bureau advances the transition from collateral‑based to data‑driven lending. By analysing borrower histories and generating credit scores and analytics, this infrastructure enhances screening and enables automated loan decisions, especially for individuals.

Pakistan’s equity market has outperformed regional peers and other asset classes for a third consecutive year in FY26, bolstered by greater political stability and improving macro‑economic indicators. The recent re‑rating has revived interest in public listings. Ashraf noted that a growing IPO pipeline deepens the market, expands investment options and reinforces investor confidence, even though raising capital remains a primary objective for issuers.

Shankar Talreja emphasized that the listing is encouraging for companies seeking equity‑market access, given attractive valuations. “Some firms need growth capital, others working capital, and the overall impact on economic activity is positive,” he said.

Zirar Khalid, who covers the credit market at Topline, explained the company’s core function in practical terms. Whenever banks, microfinance institutions or digital lenders such as easypaisa evaluate a loan application, they typically request a credit report from Tasdeeq. The firm maintains extensive data on individuals and businesses and operates an application that lets consumers view their own credit standing. The regulator noted that recent reforms — streamlined requirements, faster approvals and greater digitalisation — have lowered barriers for companies seeking a bourse listing. As part of its capital‑market development agenda, the SECP continues to organise nationwide IPO roadshows in collaboration with market stakeholders to educate potential issuers about the listing process and the benefits of raising equity through the stock market.

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