LSE Capital Limited has taken a major step toward introducing the Special Purpose Acquisition Company (SPAC) model in Pakistan after its subsidiary, LSE SPAC I Limited, secured approval from the Pakistan Stock Exchange (PSX) for its listing application and draft prospectus.
In a material information disclosure, the company confirmed that PSX granted approval on April 14, 2026, allowing the firm to proceed with plans for a Rs. 250 million initial public offering on the exchange’s main board. The listing, however, remains subject to final regulatory clearance from the Securities and Exchange Commission of Pakistan (SECP).
The planned IPO consists of 25 million ordinary shares with a face value of Rs. 10 each. A substantial portion of the offering — Rs. 200 million, equivalent to 80 percent of the issue — has already been placed with pre-IPO investors. The remaining Rs. 50 million, representing five million shares, will be offered to retail investors at a fixed price of Rs. 10 per share. Muhammad Munir Khanani Securities Limited has fully underwritten the public tranche, ensuring subscription support.
Proceeds raised through the offering are expected to be used to acquire equity in Ningbo Green Light Energy Limited (NGLE). The broader plan involves merging LSE SPAC I with NGLE, after which existing shareholders would receive shares in the merged operating company instead of holding the SPAC entity.
LSE Capital Limited, linked to the former Lahore Stock Exchange ecosystem, operates in investment advisory, corporate finance, and capital market structuring. With this transaction, the firm positions itself among the first institutions attempting to introduce SPAC-based financing structures into Pakistan’s equity market.
SPACs function as publicly listed shell companies that raise funds through an IPO with the sole purpose of acquiring or merging with an operating business at a later stage. The structure offers investors exposure to growth companies that may otherwise not pursue traditional listings.
Market observers view the approval as an important development for Pakistan’s capital markets, where SPAC activity has remained minimal. If completed successfully, the transaction could pave the way for alternative listing mechanisms and new fundraising models within the country’s financial ecosystem.
The final IPO schedule and subscription timeline will be announced once the SECP grants approval for issuance and circulation of the final prospectus.
