KARACHI: K-Electric has concluded the Initial Public Offering (IPO) of Pakistan’s first retail listed short-term Sukuk, attracting 2.2x times more bids than its target of PKR 2 billion. The funds have been raised to meet KE’s operational and working capital requirements.
The process concluded on September 3, 2025, with participation from over 600 retail applicants and institutional investors, injecting PKR 4.4 billion.
Muhammad Aamir Ghaziani, CFO at K-Electric, said: “We are humbled by the overwhelming response from investors, which demonstrates confidence in our vision of powering Karachi and driving Pakistan’s energy transformation. This IPO marks an important step in K-Electric’s journey as we continue to serve Karachi. By broadening access to investment opportunities, Islamic finance is helping deepen Pakistan’s capital markets, strengthen financial inclusion, and enhance overall economic vibrancy.”
The IPO opened on August 4, and offered individuals across Pakistan, including KE’s residential and commercial consumers, the opportunity to invest in this financial product.
During the blackout phase, only individual investors could participate. However, from August 18 onwards, the IPO opened to all types of investors, including asset management companies.
The pre-IPO phase, amounting to Rs1 billion, was specifically tailored for KE’s industrial and large commercial consumers, as well as high-net-worth individuals.
The Sukuk operates under a Shirkat-ul-Aqd Islamic structure, allowing investors to directly participate in KE’s core business operations related to electricity provision.
Copyright Business Recorder, 2025
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