SECP issues final amendments to public offering regime to enhance IPO process

ISLAMABAD, August 13, 2025: The Securities and Exchange Commission of Pakistan (SECP) has announced the final amendments to the public offering regime, which governs the issuance of equity securities, debt instruments, and units of Real Estate Investment Trusts (REITs) to the public.

The amendments, effective from August 6, 2025, aim to optimise the initial public offering (IPO) process by promoting competition, increasing transparency, and leveraging technology for better investor participation. The updated regulations introduce a more inclusive price discovery mechanism and replace the single book runner model with the concept of “Eligible Participant,” allowing broader investor involvement.

Additionally, banks and Development Finance Institutions (DFIs) are now permitted to act as Consultants to the Issue for equity offerings, enhancing flexibility in the process.

The SECP has stated that these changes come after extensive consultations with stakeholders, and future IPO transactions will follow these amended regulations. Further details are available on the SECP website.