PSX FY26 IPO boom raises Rs18.4bn

July 02, 2026 (MLN): The Pakistan Stock Exchange's primary market delivered its most active year in recent memory in FY2026, with 11 companies raising a combined Rs18.39 billion (PKR 18,391-18,392 million) through main board initial public offerings, according to PSX data as of June 30, 2026.

Service Long March Tyres Limited (SLM), a tyre manufacturer, was the year's largest issuer, raising Rs7.78 billion, 42.28% of total capital raised, through a listing on June 15, 2026 with a 10% free float, the smallest public float of any FY26 issuer.

Ghani Dairies Limited (GDL) followed with Rs3.44 billion raised (18.70% of the total, 25% free float), and Sitara Petroleum Service Limited (SPSL) raised Rs3.18 billion (17.26%, 20% free float).

Together, these three issuers accounted for over three-quarters of all capital raised on the main board during the year.

The remaining eight listings were smaller: Wahdat Poultry Farms Limited (Rs956 million, 5.20%), Image REIT (Rs921 million, 5.01%), Pak-Qatar Family Takaful Limited (Rs901 million, 4.90%), JS Rental REIT (Rs574 million, 3.12%), Pak Qatar General Takaful Limited (Rs420 million, 2.28%), Signature Residency REIT (Rs116 million, 0.63%), Blue-Ex Limited (Rs65 million, 0.35%) and LSE SPAC-I Limited (Rs50 million, 0.27%).

LSE SPAC-I Limited is Pakistan's first listing under the Special Purpose Acquisition Company (SPAC) framework.

Arif Habib Limited was the dominant equity capital markets advisor of FY2026, acting as sole or joint consultant on capital raises worth over two-thirds of the year's total volume.

As sole consultant, the firm advised on four IPOs, Pak-Qatar Family Takaful, Pak Qatar General Takaful, and Signature Residency REIT, worth a combined Rs9.21 billion, or 50.09% of total capital raised.

It was also joint consultant, alongside Integrated Equities Limited, on the Sitara Petroleum Service listing worth Rs3.18 billion (17.26%).

JS Global Capital Limited was the second-most active house, advising on the Ghani Dairies and JS Rental REIT listings, together worth Rs4.01 billion (21.82% of the year's total).

Topline Securities Ltd advised on the Wahdat Poultry Farms listing solo (Rs956 million, 5.20%) and the Image REIT listing jointly with Growth Securities (Private) Limited (Rs921 million, 5.01%).

The year's two smallest deals, Blue-Ex Limited and LSE SPAC-I Limited, were each advised by consortiums involving LSE Capital Limited, paired respectively with Ktrade Securities Limited and Dawood Equities Limited.

How the stocks have performed

Aftermarket performance has diverged sharply across the FY26 cohort.

LSE SPAC-I Limited (SPAC1) is the standout, up 73.20% since its May 11, 2026 listing, closing at Rs17.32 against an issue price of Rs10 as of June 30, 2026.

Service Long March Tyres Limited (SLM) has returned 27.22% in under three weeks since its June 15 debut, closing at Rs25.38 versus its Rs19.95 issue price.

Blue-Ex Limited (BLUEX) has returned 25.54% since its December 29, 2025 listing, closing at Rs8.16 following a 10-for-1 stock split in February 2026, while Pak-Qatar Family Takaful Limited (PAKQATAR) is up 19.87% since end-December 2025.

Signature Residency REIT (SRR) has gained 16.14% and Pak Qatar General Takaful Limited (PQGTL) 10.43% since their respective listings in January and February 2026.

Sitara Petroleum Service Limited (SPSL), which raised the year's third-largest sum, has posted a comparatively modest 3.49% gain since its May 21 listing, closing at Rs19.56 against an issue price of Rs18.90.

Wahdat Poultry Farms Limited (WAHDAT) is up 3.28% and JS Rental REIT (JSRR) up just 1.68% since listing.

Two issuers are trading below their issue price. Image REIT (IREIT), the year's earliest listing on October 6, 2025, is down 19.68%, closing at Rs8.04 against a Rs10.01 issue price.

Ghani Dairies Limited (GDL), the year's second-largest fundraiser, is the worst performer of the cohort, down 39.55% since its February 19, 2026 listing, closing at Rs19.95 against an issue price of Rs33.

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