Tasdeeq set for PSX IPO, a first for South Asia’s credit information industry

Tasdeeq – a State Bank of Pakistan regulated credit information and analytics company – announced on Wednesday to put its shares on sale through initial public offering (IPO) at the Pakistan Stock Exchange (PSX), becoming the first credit bureau in South Asia to get publicly listed.

“The company is expected to sell its shares to investors and make them available for public trade at PSX in August 2026,” the consultant and advisor to the issue of shares Topline Securities CEO Muhammad Sohail told Business Recorder.

Topline sees the offering as a milestone for Pakistan’s capital market, providing investors access to a unique data-driven business operating in an “oligopolistic market” with high barriers to entry and strong regulatory support.

“Tasdeeq benefits from mandatory Credit Information Bureau requirements for financial institutions, a large proprietary database, and an expanding suite of analytics. The company is governed by a strong board that meets the SBP’s Fit and Proper criteria and is led by an experienced management team,” Topline said.

According to the company’s prospectus, it has planned to sell a total of 150 million shares at a price ranging between a minimum Rs1.90 per share to a maximum of Rs3 per share. Estimates suggest the company would raise equity investment through the IPO in the range of Rs285 million to Rs450 million – depending on the strike share price to be determined through Dutch bidding (book building) process.

“The offering carries strong third-party validation of its pricing: pre-IPO investors have already committed to subscribe at a premium of approximately 24% to the floor price [Rs1.90 per share], underscoring institutional confidence in the company’s valuation and growth outlook,” the consultant and advisor of the issue said.

The prospectus added the IPO proceeds of Rs285 million to be raised at a floor price of Rs1.90 per share would be utilised to fund the company’s post-IPO growth programme across three investment categories: product development and engineering, technology infrastructure and information security, and marketing. “The proceeds will be deployed over a period of 18 to 21 months following the completion of the IPO,” it read.

“The company has witnessed significant growth in revenues and profits in recent years, supported by the operating leverage inherent in its asset-light business model,” Topline said.