LSE Capital plans Rs500mn IPO for third SPAC
LSE Capital is launching LSE SPAC-III on the PSX to raise Rs500 million for future acquisitions, building on successful prior SPACs amidst a robust IPO market revival in Pakistan.
- LSE Capital's third SPAC listing on PSX.
- Pakistan's robust IPO market and investor confidence.
- Concerns about "token listings" impacting market depth.
After launching Pakistan’s first two special purpose acquisition companies, LSE Capital plans to list LSE SPAC-III on the Pakistan Stock Exchange (PSX), aiming to raise Rs500 million to fund future acquisitions.
“After the successful IPOs of SPAC-I and SPAC-II, LSE Capital has also submitted the IPO application/draft prospectus for the PSX listing of LSE SPAC-III,” read the notice to the bourse.
The new SPAC intends to raise Rs500 million, out of which Rs400 million, including the seed funding from LSE Capital, shall be subscribed by the pre-IPO investors, while the fund-raising from the general public portion shall be of an amount of Rs100 million.
“The raised funds shall be utilised to make investment for the acquisition of any potential target company(ies) at a later stage as allowed in the Public Offering Regulations – 2017,” it added.
SECP clears LSE SPAC-II IPO for listing at PSX
The PSX has experienced a strong revival in its IPO market in the ongoing year, demonstrating significant momentum and robust post-listing performance. In the first half of 2026, nine companies successfully raised over Rs20 billion through public offerings.
ABHI Microfinance Bank plans Rs3bn IPO on PSX: report
Days ago, Pakistan’s fintech group ABHI announced it was preparing to launch an IPO of its microlender, i.e., ABHI Microfinance Bank Limited, at the PSX this month.
The robust IPO momentum in 2026 is a continuation of a trend driven by improved macroeconomic stability under the International Monetary Fund (IMF) program, coupled with positive market sentiment, high liquidity, and political stability, which encourage equity investment.
The benchmark KSE-100 Index surged significantly, reflecting overall positive sentiment and renewed investor interest. PSX outperformed global trends, which saw a slowdown in IPO activity in 2024.
However, concerns exist regarding “token listings,” where owners’ reluctance to sell meaningful equity and share control can limit market depth and transparency.