The Pak-Qatar General Takaful Limited (PKGTL) – the country’s first initial public offering (IPO) of the year 2026 – created history by recording “the highest oversubscription” of 21 times in the rupee term at the Pakistan Stock Exchange (PSX) on Thursday.
The general Takaful firm received bids from investors worth totaling at Rs4.74 billion in the two-day Dutch bidding (book building) process on Wednesday and Thursday, recording the highest oversubscription of 21 times in the history of the PSX, said Shahid Ali Habib, CEO, Arif Habib Limited – the lead manager of the IPO on the social platform X.
The development “reflected exceptional investor confidence and strong market appetite,” he added.
The company had targeted to raise a minimum financing of Rs225 million through selling 22.5 million shares at the bid opening (minimum/floor) share price of Rs10 at the book building process.
Read more: Debut IPO of 2026: Pak-Qatar General Takaful share price hit upper limit of Rs14
In comparison to that, the company received total bids worth Rs4.74 billion from institutional and high-net worth individual investors during the two days, getting oversubscribed by 21 times in the rupee term.
Moreover, the company share price soared 40% to the maximum allowed upper limit of Rs14 during the bidding from the floor price of Rs10. Accordingly, the company managed to raise a total of Rs420 million through selling 30 million shares to investors including retail ones.
The breakup of the data suggests the PQGTL successfully sold 75% (or 22.50 million shares out of the total 30 million shares) at the strike price – Rs14 per share – to institutional and high-net worth individual investors through the two-day book building process.
Later this month, it will offer the remaining 25% (or 7.2 million) shares at the same strike price to retail investors at the PSX.
In volumetric terms, the issue to the institutional and high-net worth investors was oversubscribed by slightly over 15 times, attracting bids for 338.85 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 the PSX.
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”.
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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