Pak-Qatar General Takaful IPO oversubscribed 21 times at PSX

Pak-Qatar General Takaful Limited (PQGTL), the first initial public offering of 2026, recorded a 21-times oversubscription in rupee terms at the Pakistan Stock Exchange (PSX) following the close of its two-day book-building process on Thursday.

According to figures shared by the issue manager, the company received bids worth Rs4.74 billion against a minimum target of Rs225 million during bidding held on Wednesday and Thursday.

PQGTL offered 22.5 million shares to institutional and high-net-worth investors at a floor price of Rs10 per share. Demand during the book building pushed the strike price to the upper limit of Rs14, reflecting a 40% increase from the floor price.

Based on the final price, the company raised Rs420 million through the sale of 30 million shares. Of this, 75% or 22.5 million shares were allocated to institutional and high-net-worth investors through a book-building process, while the remaining 25% or approximately 7.2 million shares will be offered to retail investors later this month at the same strike price.

In volumetric terms, bids were received for 338.85 million shares against 22.5 million shares offered to non-retail investors, translating into an oversubscription of slightly over 15 times by volume, as per data available on the PSX bidding screen.

PQGTL stated in its IPO prospectus that the proceeds will be used to strengthen its capital base, improve solvency margins, expand its digital distribution network, and support the development of takaful products.

The company’s paid-up capital stands at Rs711.071 million, which will increase to Rs1.011 billion following the public offering. The enhanced capital is intended to support compliance with regulatory requirements for non-life insurers and takaful operators set by the Securities and Exchange Commission of Pakistan (SECP).