The Pakistan Stock Exalter (PSX) is expected to see heightened IPO activity in FY26, with 8-10 initial public offerings (IPOs) projected to raise between PKR 14 billion and 18 billion, according to the latest strategy report by the brokerage firm Arif Habib Limited (AHL).
According to the report named “Strategy FY26 Emerging Stronger,” the IPO market in FY25 revealed strong performance, raising PKR 4.4 billion through four successful offerings across diverse sectors, including Pharmaceuticals, Technology, Communications, and Food and Personal Care.
Notably, companies such as BF Biosciences Ltd., Zarea Ltd., and Barkat Frisian Agro Ltd. created significant contributions, raising funds of PKR 1.93bn, PKR 1.03bn, and PKR 1.23bn, respectively.
The GEM Board also featured two IPOs: Pakistan Credit Rating Agency Ltd. and Burj Clean Energy Modaraba, collectively raising PKR 212 million.
AHL highlighted that investor confidence has been bolstered by stabilising interest rates and improving economic conditions, providing a favorable environment for the growth of the IPO market. As per experts, FY26 is poised for heightened IPO activity driven by strong liquidity and attractive valuations.
In parallel, the market is also witnessing strong activity in the right issues space, with seven companies raising PKR 7.7 billion in 2025. These rights issues, spanning key sectors such as Textile, Engineering, FMCG, Insurance, and OMCs, indicate sustained demand for capital to fund expansion projects.
As the market matures, 8-10 IPOs across a range of sectors, including financial services, real estate, pharmaceuticals, and consumer goods, are set to provide a solid boost to the countest’s capital market.
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