Ningbo Green Light Energy is preparing to enter Pakistan’s stock market through a special purpose acquisition company (SPAC), potentially marking the country’s first SPAC transaction.
The solar energy company is awaiting court approval to complete a reverse takeover of LSE SPAC I Ltd., according to Ningbo CEO Qasim Ningbo. If approved, the transaction could bring the renewable energy company to the public market within the coming weeks.
LSE SPAC I, a subsidiary of LSE Capital Ltd., raised Rs. 250 million through an initial public offering earlier this year. The SPAC subsequently used the proceeds to acquire a 19% stake in Ningbo Green Light Energy.
The proposed listing comes as Pakistan’s IPO market records strong activity. According to Bloomberg data, 13 IPOs have raised a combined Rs. 23.1 billion so far this year, making it a record year for IPO fundraising in the country.
The increased activity follows strong stock market performance in 2024 and 2025 and greater participation from individual investors. However, the benchmark KSE-100 Index is down 2.5% this year, while the MSCI Frontier Markets Index has gained 9%.
Aftab Ahmad Chaudhry, CEO of LSE Capital, said Pakistan’s conventional IPO market has largely been accessible to mature and established businesses. He noted that the SPAC structure could provide growth-stage companies with another route to access capital markets.
Ningbo Green Light Energy has installed more than 300 megawatts of solar capacity and is expanding a financing model that enables businesses to install solar systems without paying the full cost upfront. Under the model, customers can spread payments over time.
If the court approves the transaction, Ningbo Green Light Energy could become the first company to enter Pakistan’s public market through a SPAC structure.
