KARACHI: IMAGE REIT, a Shariah-compliant hybrid and perpetual Real Estate Investment Trust (REIT) is preparing to make its debut on the Pakistan Stock Exchange (PSX).
The scheme, with a target size of approximately Rs2.75 billion, aims to raise Rs920 million through its Initial Public Offering (IPO), while the existing fund size stands at around Rs1.83 billion.
IMAGE REIT derives income from two projects in Karachi — an eight-floor, fully occupied commercial building on Shahrah-e-Faisal, and a mixed-use residential-cum-commercial development on Tipu Sultan Road, which is expected to generate both sales and rental returns.
The IPO will consist of 92 million units, representing 33.36 percent of the post-IPO paid-up units. It will be offered via 100 percent Book Building with a floor price of Rs10 per unit and a price band of up to 40 percent (Rs14 per unit). The retail portion will comprise 25 percent of the issue size and will be offered at the strike price determined after the Book Building process.
Funds raised will be directed toward the completion and marketing of 11 residential floors in the developmental project. The Central Depository Company of Pakistan (CDC) has been appointed as Trustee of IMAGE REIT. Topline Securities and Growth Securities are acting as joint consultants and book runners for the IPO.
Copyright Business Recorder, 2025
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