Image REIT raises Rs921mn with strike price of Rs10.01/unit in 2025’s third IPO at PSX

KARACHI: Sinolink REIT Management Company has successfully raised Rs921.07 million through selling 92.02 million units of Image REIT during two-day book building (Dutch bidding) process culminated at the Pakistan Stock Exchange (PSX) on Thursday.

The REIT got a “strike price” of Rs10.01/unit, inching up from the bid opening (floor) price of Rs10/unit on the first day.

This was the third IPO at the PSX for the year 2025 after the IPOs of Zarea Limited and Barkat Frisian Agro, according to a PSX official.

The strike price was allowed to increase by 40% to Rs14/unit during the two-day bidding from the floor price. Investors placed bids in the range of Rs10/unit to Rs11.01/unit.

In terms of volumes, “the book building oversubscribed more than two-time, (receiving investors’ interest to acquire 186.80 million units against an offer to sell 92.02 million units),” according to Topline Securities - a consultant and book runner of the Initial Public Offering (IPO).

Growth Securities is the joint consultant and book runner for the IPO.

Image REIT generates income through two prime projects in Karachi - an 8-floor fully occupied commercial building on Shahrah-e-Faisal, and a residential-cum-commercial project located on Tipu Sultan Road - which is expected to generate both sales and rental income, according to a recent statement.

“Proceeds from the IPO will be utilised for the completion and marketing of 11 residential floors of the Developmental REIT project. The Central Depository Company of Pakistan Limited (CDC) has been appointed as the Trustee of Image REIT,” the statement read.