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The Securities and Exchange Commission of Pakistan (SECP) has announced final amendments to the Public Offering Regulations, aimed at streamlining IPO processes, boosting transparency, and encouraging wider investor participation.
The updated regime, which includes the Public Offering Regulations 2017 and the Public Offering (Regulated Securities Activities Licensing) Regulations 2017, covers the offering of equity securities, debt instruments, and REIT units to the general public. The amendments came into effect on August 6, 2025, upon official notification.
According to SECP, all future IPOs will be carried out in line with these revised regulations. The regulator had previously held extensive consultations with stakeholders before finalizing the changes.
Key reforms in the Public Offering Regulations include allowing banks and development finance institutions (DFIs) to serve as Consultants to the Issue for equity offerings. The amendments also replace the single book runner model with the concept of an “Eligible Participant,” enabling broader investor engagement and a more transparent price discovery process.
The SECP stated that the goal of the new framework is to enhance competition, leverage technology, and provide a more robust and inclusive mechanism for public offerings in Pakistan’s capital markets.
