July 2, 2026 — The Pakistan Stock Exchange (PSX) primary market witnessed unprecedented activity during its FY2026 cycle, with 11 companies collectively raising Rs18.39 billion (PKR 18,391–18,392 million) through mainboard initial public offerings, as confirmed by PSX data as of June 30, 2026.
Market Participation Overview
The 11 listings encompassed diverse sectors, including manufacturing, financial services, renewable energy, and special purpose acquisition companies (SPACs).
Top Fundraising Entities
Service Long March Tyres Limited (SLM), a prominent tyre manufacturer, dominated capital inflows by securing Rs7.78 billion—42.28% of the total—via its June 15, 2026 listing, featuring a minimal 10% free float. Ghani Dairies Limited (GDL) followed with Rs3.44 billion (18.70%), while Sitara Petroleum Service Limited (SPSL) contributed Rs3.18 billion (17.26%), with both maintaining competitive public float allocations.
Cumulative Impact
These three firms collectively represented over 77% of FY26’s primary market capitalization, underscoring their pivotal role in driving liquidity and investor confidence.
Additional Listing Insights
The remaining eight issuers, though smaller in scale, expanded listing diversification. Notable participants included:
- Wahdat Poultry Farms Limited: Rs956 million (5.20%)
- Image REIT: Rs921 million (5.01%)
- Pak-Qatar Family Takaful Limited: Rs901 million (4.90%)
- JS Rental REIT: Rs574 million (3.12%)
- Pak Qatar General Takaful Limited: Rs420 million (2.28%)
- Signature Residency REIT: Rs116 million (0.63%)
- Blue-Ex Limited: Rs65 million (0.35%)
- LSE SPAC-I Limited: Rs50 million (0.27%)
SPAC Milestone
LSE SPAC-I Limited marked Pakistan’s first SPAC-listed entity, adhering to international acquisition frameworks for corporate restructuring.
Capital Market Leadership
Arif Habib Limited emerged as the dominant equity underwriter, managing consultancy for 66.8% of FY26 deals. As sole advisor, it oversaw Pak-Qatar Family Takaful (Rs9.21 billion, 50.09% of total), Pak-Qatar General Takaful, and Signature Residency REIT. Jointly with Integrated Equities Limited, it facilitated Sitara Petroleum Service’s listing.
Consortium Dynamics
JS Global Capital Limited supported Ghani Dairies and JS Rental REIT listings worth Rs4.01 billion (21.82%). Topline Securities Ltd alone advised Wahdat Poultry Farms (Rs956 million) and jointly (with Growth Securities) managed Image REIT. Consortia involving LSE Capital Limited partnered with Ktrade and Dawood Equities for Blue-Ex and LSE SPAC-I deals.
Post-Listing Performance Review
Postmarket volatility revealed divergent trajectories:
- LSE SPAC-I Limited: +73.20% gain, closing at Rs17.32 vs. Rs10 issue price
- Service Long March Tyres: +27.22% return in under three weeks, trading at Rs25.38
- Blue-Ex Limited: +25.54% post-10-for-1 stock split, closing at Rs8.16
- Galaxy Dairies Limited: -39.55%, ending at Rs19.95 against Rs33 issue
- Ghani Dairies Limited: Experienced steepest decline (-39.55%) since February 2026 listing
Additional Performance Metrics
Notable market reactions included Pak-Qatar Family Takaful (+19.87%), Wahdat Poultry Farms (+3.28%), and JS Rental REIT (+1.68%). SPSL’s modest +3.49% gain contrasted its third-largest fundraising magnitude.
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