IPO activity at the Pakistan Stock Exchange remained resilient in 2025, with all public offerings fully oversubscribed, reflecting sustained investor confidence despite smaller issue sizes. According to data compiled by Topline Securities, seven IPO-related transactions raised Rs4.3 billion during the year, the same number as last year, even though total proceeds were lower than 2024.
Market analysts note that the decline in fundraising value was due to reduced offer sizes rather than weak demand. Every IPO attracted strong subscriptions, underlining improving sentiment in the equity market. New main board listings during the year included Zarea Limited, Barkat Frisian Agro Limited, Image Real Estate Investment Trust, and Pak Qatar Family Takaful Limited. Meanwhile, BlueEx shifted from the Growth Enterprise Market to the main board, while Nets International Communication and Pakistan Credit Rating Agency were listed on the GEM platform.
Zarea Limited emerged as the top performer among new listings, delivering exceptional returns during 2025, highlighting the appetite for growth-focused companies.
The steady IPO flow has been supported by relative macroeconomic stability under the International Monetary Fund programme, easing interest rates, and improving investor confidence. During 2025 so far, the benchmark KSE-100 Index surged nearly 48 percent in rupee terms, with trading volumes and values also recording strong growth.
Globally, IPO activity showed a similar rebound, with international markets benefiting from firm equity performance and supportive monetary conditions. Looking ahead, analysts expect Pakistan’s IPO pipeline to remain healthy in 2026 as economic indicators improve further.
With lower interest rates, stronger market participation, and sustained demand for equity offerings, Pakistan’s capital market appears well-positioned to support new listings in the coming year, providing companies with alternative financing avenues and investors with fresh opportunities.