ISLAMABAD: Pakistan’s capital market continued its strong growth momentum during the first half of 2026 as the Securities and Exchange Commission of Pakistan (SECP) approved ten Initial Public Offerings (IPOs) for listing on the Pakistan Stock Exchange (PSX).
Nine companies have successfully completed their IPOs, raising more than Rs. 20 billion, while the book building for LSE SPAC-II is scheduled to take place in the coming days.
The strong IPO pipeline came despite heightened regional uncertainty and geopolitical tensions, reflecting the resilience of Pakistan’s capital market and growing investor confidence. During the recent regional conflict, the Pakistan Stock Exchange outperformed many regional markets, supported by strong domestic institutional participation, improving macroeconomic fundamentals, and renewed investor optimism.
The robust IPO activity also reflects the success of SECP’s market development reforms aimed at simplifying listing requirements, facilitating capital raising, broadening investment opportunities, and encouraging more companies to finance their growth through the capital market.
The IPOs represented a broad spectrum of Pakistan’s economy, including manufacturing, petroleum, dairy, Islamic finance, poultry, real estate, and technology, demonstrating the increasing depth and diversity of the country’s capital market.
Service Long March Tyres Limited launched the largest IPO during the period, raising Rs. 7.77 billion to establish a modern passenger car tyre manufacturing facility in Nooriabad, Sindh.
Sitara Petroleum Limited raised Rs. 4.83 billion, with its IPO fully subscribed within eight minutes. Institutional demand reached seven times the shares offered, making it one of the most successful public offerings in recent years.
Ghani Dairies Limited raised Rs. 3.44 billion, becoming Pakistan’s first listed corporate dairy farm, while Wahdat Poultry Farms Limited raised nearly Rs. 1 billion to expand its poultry business.
Among the most notable offerings, Pak-Qatar General Takaful Limited became Pakistan’s first listed non-life Takaful company. Its IPO attracted exceptional investor interest, with institutional investors subscribing 21 times the shares offered and more than 13,000 retail investors participating in the public offering.
The first half of 2026 also marked significant innovation in Pakistan’s capital market. Signature Residency REIT and JS Rental REIT successfully listed on the PSX, providing investors with regulated opportunities to invest in professionally managed residential and commercial real estate assets.
Pakistan also witnessed the successful listing of LSE SPAC-I, the country’s first Special Purpose Acquisition Company (SPAC), while LSE SPAC-II has received SECP approval and is expected to commence book building shortly. In addition, Select Technologies Limited, a leading local manufacturing partner of global technology brands, joined the stock exchange, further strengthening the representation of Pakistan’s technology and industrial sectors.
The successful IPO pipeline reflects growing confidence among both institutional and retail investors in Pakistan’s capital markets. Strong oversubscriptions across several offerings demonstrate improving market liquidity, expanding investor participation, and increasing confidence in Pakistan’s economic outlook.
SECP Chairman Dr. Kabir Ahmed Sidhu said the Commission remains committed to further simplifying the listing process and making investment in the stock market easier and more accessible for investors. He said SECP’s objective is to increase investor participation, enable more Pakistanis to benefit from the country’s economic growth, encourage more companies to raise capital through the stock market, and strengthen Pakistan’s capital market as a key driver of investment, job creation, and sustainable economic development.
Copyright Business Recorder, 2026
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