KARACHI: The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) was fully subscribed within the first hour of bidding, reflecting strong demand from institutional and high-net-worth investors.
The two-day book-building process began on September 1 and will continue through September 2. NNAR is offering 44.06 million units, equivalent to 15 percent of the scheme, through an Offer for Sale ahead of its proposed listing on the Pakistan Stock Exchange.
Of the total offering, 33.05 million units, or 75 percent, have been allocated to the book-building portion, while the remaining 25 percent will be offered to the general public at the strike price determined through the book-building process.
The units are being offered within a price band of Rs18 to Rs23 per unit, putting the total potential offer value at approximately Rs793 million to Rs1.013 billion, depending on the final strike price.
Following completion of the book-building process, 11.02 million units will be offered to the general public, providing retail investors an opportunity to participate in the scheme.
NNAR is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Limited. The scheme comprises three real estate portfolios located across Karachi and Lahore, with a cumulative assessed value of approximately Rs20.46 billion as of April 2026.
The strong response in the opening hour indicates significant investor interest in the offering and in professionally managed, asset-backed real estate investment products.
The proposed listing of NNAR follows the completion of the book-building and subsequent general-public subscription processes.
Copyright Business Recorder, 2026
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