ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has announced revised public offering regime, effective from August 6, 2025, and future initial public offering (IPO) transactions shall be executed in accordance with the amended regulations.
The SECP has issued S.R.O.1477(I)/2025 and S.R.O 1476(I)/2025 to amend Public Offering Regulations, 2017 and Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 respectively.
In this regard, the SECP has notified the final amendments to the public offering regime. The regime — comprising the Public Offering Regulations, 2017 and the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017—governs the offer of equity securities, debt instruments, and units of REIT schemes to the general public.
The revamped regime has become effective from the date of notification, i.e., August 6, 2025. Future IPO transactions shall be executed in accordance with the amended regulations.
The SECP had earlier approved amendments to the public offering regime following wide-ranging stakeholder consultations. The updated regulations aim to optimize the IPO experience for issuers and investors by promoting competition, leveraging technology, improving transparency, and introducing a more robust and inclusive price discovery mechanism in the capital market.
Key changes include permitting banks and DFIs to act as Consultants to the Issue for equity offerings, as well as introducing a more transparent price discovery process by replacing the single book runner model with the concept of “Eligible Participant,” enabling wider investor participation.
Notifications for the final amendments are available on the SECP website.
Copyright Business Recorder, 2025
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