Ningbo Green share price loses 34% in four days at PSX

Ningbo Green Light Energy Limited (NGLEL) share price has dropped more than 34% in just four trading sessions since its listing on the Pakistan Stock Exchange (PSX), losing nearly 10% a day to close at Rs13.82 per share on Tuesday.

The company’s share price closed at Rs13.82 on Tuesday, down from its pre-listing price of Rs21.06 per share last week. The company got listed at the PSX on October 29, 2026 through backdoor listing and celebrated its listing at a gong ceremony at the PSX on Tuesday.

Investors exchanged 1.93 million shares of NGLEL at the stock market on the fourth day of its listing.

• Backdoor listing, also known as reverse merger or reverse takeover, is a method by which a private company becomes publicly listed by merging with or acquiring an already publicly traded company.

In a press statement, the PSX said it hosted a gong ceremony to celebrate the listing of Ningbo Green on the Main Board of the Exchange, following the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction.

Originally identified as the target company of LSE SPAC-I Limited, NGLEL completed its business combination through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026. The transaction, structured and facilitated by LSE Capital, resulted in the merger of LSE SPAC-I into NGLEL, paving the way for the solar energy company to become publicly listed.

As per the swap ratio disclosed in the Scheme, the shareholders of SPAC-I have been allotted 1.50 shares of NGLEL against 1 share of SPAC-I, according to PSX.

LSE SPAC-I, a subsidiary of LSE Capital Ltd., raised Rs250 million in May through an initial public offering and used the proceeds to acquire a 19.04% stake in Ningbo Green Light Energy, which is partly owned by Ningbo Green Light Energy Group Company Limited.

“For us, this listing is much more than a financial milestone. We have spent years building our capabilities, delivering projects and establishing our presence in Pakistan’s solar energy market. Becoming a publicly listed company gives us a stronger platform to pursue larger opportunities, expand our operations and build lasting value for our shareholders. We are particularly proud to be part of a transaction that has also opened a new chapter for Pakistan’s capital market,” Muhammad Qasim, Chief Executive Officer of Ningbo Green Light Energy Limited, was quoted as saying in the PSX statement.