KARACHI: Pakistan’s primary equity market extended its most active stretch in years Tuesday, as the Securities and Exchange Commission of Pakistan approved the offer-for-sale prospectus of Naya Nazimabad Apartments REIT, clearing the way for the real estate trust to list on the Pakistan Stock Exchange.
The approval marks the 13th public offering cleared by the regulator in 2026, the SECP said in a press release, underscoring what officials describe as sustained momentum in a primary market that has drawn companies from manufacturing, technology, energy, food, agriculture and real estate.
Under the offering, Naya Nazimabad Apartments REIT will sell 44.06 million units, equal to 15% of the REIT Scheme’s total units, through a book-building process. Institutional investors and high-net-worth individuals will be allocated 75% of the offering, while the remaining 25% is reserved for retail investors, according to the SECP.
The scheme is a closed-end Developmental REIT established under Pakistan’s Real Estate Investment Trust Regulations of 2022. It is developing acquired land into commercial, retail and residential units, with returns to unit holders to be generated through the sale of completed properties.
Pakistan currently has 29 registered REIT schemes, of which six are listed on the PSX. Naya Nazimabad Apartments REIT will become the seventh REIT to list once its offering is completed, further expanding the country’s regulated real estate investment options.
SECP Chairman Dr. Kabir Ahmed Sidhu said the rising number of public offerings reflects greater use of the capital market as a financing tool for businesses. A strong primary market channels savings into productive investment and gives companies alternative, long-term sources of financing, he said.
Sidhu added that the SECP is working to cut the time and cost of raising capital, improve transparency and price discovery, and widen participation among both issuers and investors.
A Record Year for PSX Listings
The Naya Nazimabad approval caps a fiscal year that market participants and brokerages have called a two-decade high for new listings on the exchange. Pakistan’s fiscal year runs from July through June, meaning FY2026 covers July 2025 to June 2026.
According to PSX data reported by Mettis Global, 11 companies raised a combined Rs18.39 billion through main-board initial public offerings during FY2026, making it the exchange’s most active primary-market year in recent memory.
Other tallies, including one from the Express Tribune citing Topline Securities, put the number of new listings during the fiscal year at 10, with the same combined Rs18.39 billion raised, a discrepancy that reflects differing methods of counting main-board listings versus total approved offerings, some of which spanned fiscal-year boundaries.
Service Long March Tyres Limited, a tyre manufacturer, was the year’s largest issuer, raising roughly Rs7.78 billion, more than 42% of total capital raised, through a listing on June 15, 2026, with a 10% public float, the smallest of any FY2026 issuer.
Ghani Dairies Limited followed with about Rs3.44 billion raised, becoming Pakistan’s first listed corporate dairy farm, while Sitara Petroleum Service Limited raised roughly Rs3.18 billion to Rs4.83 billion depending on the reporting source. Together, the three largest issuers accounted for more than three-quarters of all capital raised on the main board during the year, Mettis Global reported.
Other notable offerings during the fiscal year included Wahdat Poultry, which raised nearly Rs1 billion for expansion; Pak-Qatar General Takaful, the country’s first listed non-life takaful company, whose offering drew institutional demand exceeding 21 times the shares on offer and attracted more than 13,000 retail investors, according to the SECP; and Pakistan’s first special-purpose acquisition company listing, LSE SPAC-I. Signature Residency REIT and JS Rental REIT also listed during the period, alongside Select Technologies.
Brokerages including Topline Securities and AKD Research have projected further gains for the index heading into FY2027, forecasting levels between roughly 203,000 and 263,800 points by the end of calendar 2026.
The SECP said it expects the primary-market momentum to continue, noting that the first initial public offering of fiscal year 2026-27, for credit bureau Tasdeeq Information Services Limited, was cleared shortly after the new fiscal year began, following procedural changes introduced by regulatory leadership that took office in February 2026.
