Tasdeeq to raise Rs450mn by selling 150mn shares in IPO at PSX

Tasdeeq Information Services Limited is set to raise Rs450 million through selling 150 million shares on the Pakistan Stock Exchange (PSX) at Rs3 per share - a price that the company determined through a two-day Dutch auction concluded on Thursday.

The company had opened bidding at a minimum (floor) price of Rs1.9 per share on Wednesday that soared 58% to Rs3 per share during the bidding, according to Topline Securities, consultant of the share issuance.

Tasdeeq, which is a State Bank of Pakistan (SBP) regulated credit information and analytics company, has sold 75% (or 112.5 million) of the total 150 million shares to high-net-worth individuals, institutional and corporate investors at the Dutch bidding (book-building) process – raising Rs337.5 million.

It will sell the remaining 25% to retail investors at the strike price of Rs3 per share on August 11-12, 2026. This will mobilise another Rs112.5 million to the services firm – totalling the equity raising through the initial public offering (IPO) at Rs450 million.

According to the company prospectus, Tasdeeq intends to use the IPO proceeds to support its product development roadmap, strengthen its technology infrastructure and information security, and fund consumer marketing initiatives.

The consultant of the issuance reported the IPO was fully subscribed within a “record two seconds” of the start of book building on Wednesday.

“Tasdeeq is Pakistan’s first SBP-licensed private credit bureau, one of only two licensed in the country, and will be the first credit bureau to list in South Asia,” the brokerage house said.

The book-building process was oversubscribed by 21.53 times, making it the second-highest oversubscribed book-building in PSX history, it said.