PIA’s new owners eye PSX listing

February 13, 2026 (MLN): Pakistan International Airlines is set for a market debut as its new private owners prepare to list the carrier on the Pakistan Stock Exchange (PSX) within a year of assuming operational control, according to a report by Bloomberg.

The incoming management plans to float 5% to 10% of PIA’s shares through an Initial Public Offering (IPO).

This marked a significant step in the airline’s post-privatization roadmap.

A consortium led by Arif Habib Corporation Limited (AHCL) has emerged as the Highest Ranked Bidder for Pakistan International Airlines Corporation Limited (PIACL) with a Rs135 billion offer for a 75% equity stake.

Among the prominent investors, Aqeel Karim Dhedhi, Chairman of AKD Group, holds a 16% stake in the consortium.

The new owners have outlined an aggressive turnaround strategy focused on restoring profitability and reclaiming market share lost over the years. 

A key priority is the revival of direct international routes. 

At present, a large share of Pakistani travelers rely on transit hubs operated by airlines based in Qatar, the United Arab Emirates, Saudi Arabia, and Turkey. 

By reintroducing direct long-haul connectivity, the management hopes to recapture outbound passenger traffic and strengthen PIA’s competitive position.

The broader privatization drive is also gathering pace. The government, through the Privatization Commission, is exploring partnerships for the redevelopment of the Roosevelt Hotel in New York and advancing plans to privatize power distribution companies as part of its wider reform agenda.

The proposed IPO, if executed within the stated timeline, would mark a major milestone in PIA’s restructuring journey and could serve as a test case for investor appetite toward newly privatized state-owned enterprises in Pakistan.

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