SECP approves LSE SPAC-II IPO & Pre-IPO issue

June 23, 2026 (MLN): SECP has granted approval to LSE SPAC-II Limited, a subsidiary of LSE Capital Limited (PSX: LSECL), for issuance, circulation and publication of the Prospectus for a Pre-Initial Public Offering (Pre-IPO) of 18,000,000 Ordinary Shares and an Initial Public Offering (IPO) of 2,000,000 Ordinary Shares.

The regulatory nod came via SECP approval dated June 22, 2026. The approval follows an earlier green light from the Pakistan Stock Exchange (PSX) for LSE SPAC-II Limited's listing application.

The SECP accorded its approval on the basis of a Due Diligence Certificate submitted vide letter dated June 12, 2026, and PSX approval dated June 18, 2026. The approval is valid for a period of sixty (60) days from the date of sanction.

The approval carries key conditions. LSE SPAC-II Limited is required to identify the target company within nine months from the date of listing and communicate the same to the SECP, the company's filing on PSX revealed today.

At the time of identifying the target company, the board of directors must also be reviewed for compliance with the 'Fit and Proper' criteria under Schedule 9 of the Public Offering Regulations, 2017, with any change in directors subject to SECP approval.

Among other conditions, the company is required to proof-read the prospectus before publication to ensure there are no typographical errors or inconsistencies.

It must publish the approved prospectus in at least one English and one Urdu newspaper. All blank spaces in the prospectus must be filled before printing.

The approved prospectus must be submitted to the Registrar of Companies before publication. The company is also required to issue shares exclusively in book-entry form.

Applicants without a CDS account must be advised in writing within five days of closing of public subscription to open one.

The company is also required to arrange for independent third-party audit of balloting software to ensure an impartial random ballot.

Refund of subscription money to unsuccessful or unaccepted applicants will be made in accordance with the Public Offering Regulations, 2017.

All applications received shall be preserved for one year from the date of subscription for examination and scrutiny by the Commission.

A post-issue report covering circulation and publication of the Prospectus, subscription received, basis of allotment, refunds and related matters must be submitted to the SECP within 15 working days of the last date for public subscription.

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