KARACHI: Pakistan’s Initial Public Offering (IPO) pipeline is currently valued at a robust Rs16.7 billion, encompassing eight distinct issues across diverse sectors including fashion retail, microfinance, artificial intelligence, and veterinary pharmaceuticals. However, a new market status board released by institutional research desk Bull Run Pakistan reveals a highly fragmented landscape where not every company is advancing toward listing as originally planned.
While some offerings have successfully crossed the finish line, others are facing regulatory hurdles, resulting in delays and strategic withdrawals that are testing investor patience.
The Heavyweights: Khaadi’s Delay and ABHI MFB’s Success
The largest proposed listing on the board is the fashion retail giant Khaadi, which was targeting an Rs8.3 billion capital raise at a floor price of Rs12.40 per share. However, the highly anticipated mega-IPO is now officially classified as “Delayed.” According to the tracker, the delay is tied to pending queries from the Securities and Exchange Commission of Pakistan (SECP), with new listing dates currently marked as “To Be Announced” (TBA).
Conversely, ABHI Microfinance Bank (ABHI MFB) is charging ahead. The fintech-led microfinance institution is seeking to raise Rs2.0 billion at a strike price of Rs15.50 per share. Having successfully navigated its institutional book-building phase, the bank’s retail subscription portion officially closed on November 13, paving the way for it to be the next major entity to list on the local bourse.
The Tech & Pharma Contenders
Beyond the heavyweights, four other companies maintain an “Active” status in the pipeline, navigating various stages of regulatory review:
- Selmore Pharmaceuticals: Targeting the veterinary pharma sector, the company aims to raise Rs2.0 billion at a floor price of Rs42 per share, with its application currently under review by the PSX.
- AdalFi: The AI-driven fintech company is targeting an Rs0.65 billion raise at a floor price of Rs8.75. Its draft is currently out, with a listing target tentatively set for November.
- Aurion.AI: Backed by the Symmetry Group, this tech firm is looking to raise Rs0.75 billion at a floor price of Rs5, with its application still pending.
- LSE SPAC-III: The third Special Purpose Acquisition Company (SPAC) in the pipeline is targeting Rs0.5 billion. It has submitted a revised draft and is awaiting final approval.
Successes and Setbacks
The primary market has already witnessed one major success story this year. Tasdeeq, a credit bureau, officially listed on August 24 after successfully raising Rs0.6 billion. The issue saw massive public interest, with its retail portion being oversubscribed by approximately 22 times.
However, the market has also seen a significant withdrawal. SE Fruits, a fruit and vegetable enterprise, abruptly pulled its Rs1.9 billion IPO on October 13. According to the tracker, investor refunds have already been processed, though the company reportedly plans to refile its application at a later date.
As the Rs16.7 billion pipeline gradually unblocks, institutional and retail investors are closely monitoring which of the remaining acti