In the debut initial public offering (IPO) of the year 2026, Pak-Qatar General Takaful Limited’s (PQGTL) share price soared to the maximum allowed bid price of Rs14 per share on first of the two-day Dutch bidding (book building) process at the Pakistan Stock Exchange (PSX) on Wednesday.
The bid price surged 40% to the upper limit of Rs14 per share from the opening (minimum/floor) price of Rs10 per share on the day.
The general Takaful firm managed to mobilise the targeted maximum financing of a total of Rs420 million through the IPO, as the company put as many as 30 million shares on the sale to institutional, high-net worth, and retail investors.
In the two-day book building process that will culminate on Thursday, the company is set to sell 75% (or 22.50 million shares out of total 30 million shares) to institutional and high-net worth individual investors. It will sell the remaining 25% (7.5 million) shares at the strike price – Rs14 per share – to the general public later this month.
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The issue to the institutional and high-net worth investors was oversubscribed by almost six-time in volumetric terms, attracting bids for 132.70 million shares compared to 22.50 million shares offered to the rich investors, according to the results visible at the PQGTL’s bid screen at PSX.
Shahid Ali Habib, CEO of Arif Habib Limited, the lead manager of the IPO, reported on the social platform X: “Pak-Qatar General Takaful becomes the first IPO in PSX history to be oversubscribed and hit the upper cap of Rs14 within the first hour of book building.”
“Book building continues till tomorrow, new bids only at Rs14, on a pro-rata basis.”
The prospectus of the IPO reads, “the principal purpose of the issue is to enable PQGTL to strengthen and consolidate its position in Pakistan’s Takaful industry. The company aims to reinforce its capital base, improve solvency margins, and expand its digital distribution network while continuing to develop innovative, customer-centric, and cost-effective Takaful products”.
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PQGTL currently maintains an issued and subscribed paid-up capital of Rs711.071 million. The proceeds raised through the public offering will increase the company’s paid-up capital to Rs1.011 billion, according to the prospectus, enabling PQGTL to meet progressive regulatory milestones for non-life insurers and Takaful operators as outlined by the Securities and Exchange Commission of Pakistan (SECP).
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