Tasdeeq IPO book building fully subscribed in record 2 seconds

August 5, 2026 (MLN): The book-building phase of Tasdeeq's initial public offering (IPO) was fully subscribed in a record two seconds, driven by strong demand from institutional investors, foreign funds, and high-net-worth individuals (HNIs), according to Topline Securities.

Despite achieving full subscription almost instantly, the book-building process will remain open until 5:00pm on August 6, as per the offering schedule.

The public subscription is scheduled to take place on August 11-12.

Tasdeeq is Pakistan's first private credit bureau licensed by the State Bank of Pakistan (SBP) and one of only two licensed credit bureaus operating in the country.

The company is also set to become South Asia's first listed credit bureau.

According to the issue consultant, Tasdeeq's business benefits from regulator-mandated demand rather than discretionary usage and is the only credit bureau in Pakistan offering a consumer mobile application.

In an independent pre-IPO analysis published yesterday, Mettis Global noted that Tasdeeq benefits from a regulatory moat, as banks and non-bank financial institutions are required to obtain credit reports before extending loans, creating mandatory demand for its core business.

The research also highlighted the company's first annual profit in CY2025 after two consecutive loss-making years, supported by a 72% year-on-year increase in revenue and expanding operating margins.

Management further indicated that margins improved to 29% during the first five months of CY2026.

However, Mettis Global also flagged several risks for investors, including the company's limited profitability track record, valuation assumptions based on an estimated beta due to the absence of listed domestic peers, reliance on terminal value in its discounted cash flow (DCF) valuation, and working capital constraints reflected in its audited financial statements.

The report concluded that while Tasdeeq possesses a regulation-backed business model and a credible earnings turnaround, investors should carefully assess the valuation methodology and execution risks before subscribing. Topline Securities is acting as consultant to the issue.

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