The Securities and Exchange Commission of Pakistan has approved joint procedures for a new book building mechanism for initial public offerings, setting the operational framework to implement recent amendments to the Public Offering Regulations, 2017. The approval underpins an enhanced book building system developed jointly by the Pakistan Stock Exchange and the National Clearing Company of Pakistan Limited. The upgraded model replaces the traditional Book Runner approach with “Eligible Participants”, allowing securities brokers, scheduled banks, development finance institutions and mutual funds to participate directly in the book building process. Eligible Participants can place bids for themselves or clients, investors can opt for disclosed or undisclosed bids, and securities brokers can onboard clients through the system interface; banks and development finance institutions acting as a Consultant to the Issue can also register clients. The system integrates the Pakistan Stock Exchange’s book building platform with National Clearing Company of Pakistan Limited functions for collecting, settling and refunding margin money.
Securites & Exchange Commission of Pakistan 2025-11-04
Securities and Exchange Commission of Pakistan approves new IPO book building mechanism built around Eligible Participants
The Securities and Exchange Commission of Pakistan has approved new procedures for a book building mechanism for IPOs, enhancing the Public Offering Regulations, 2017. This model allows securities brokers, banks, development finance institutions, and mutual funds to participate directly, replacing the traditional Book Runner approach. It integrates the Pakistan Stock Exchange's platform with National Clearing Company of Pakistan Limited for margin money management.