The Securities and Exchange Commission of Pakistan has notified final amendments to Pakistan’s public offering regime, updating the framework governing public offers of equity securities, debt instruments and units of REIT schemes. The amended regulations took effect on 6 August 2025, and future initial public offerings must be executed under the revised requirements. Key changes include allowing banks and development finance institutions to act as Consultants to the Issue for equity offerings. The amendments also revise IPO price discovery by replacing the single book runner model with the concept of an “Eligible Participant”, intended to make the process more transparent and enable wider investor participation.
Securites & Exchange Commission of Pakistan 2025-08-13
Securities and Exchange Commission of Pakistan issues final amendments to the public offering regime effective 6 August 2025
The Securities and Exchange Commission of Pakistan has finalized amendments to the public offering regime, effective 6 August 2025, impacting equity securities, debt instruments, and REIT schemes. Key changes allow banks and development finance institutions to serve as Consultants to the Issue for equity offerings and replace the single book runner model with an "Eligible Participant" for IPO price discovery, enhancing transparency and investor participation.