PSX approves LSE SPAC-I listing, company to raise Rs250 million via IPO

Pakistan Stock Exchange (PSX) has approved the listing application and draft prospectus of LSE SPAC-I Limited, allowing the company to proceed with its initial public offering (IPO), subject to regulatory clearances.

According to a disclosure, LSE SPAC-I, a subsidiary of LSE Capital Limited, received approval for listing on the Main Board of PSX, along with clearance of its draft prospectus.

The company plans to raise Rs250 million through the IPO, comprising 25 million ordinary shares with a face value of Rs10 each. Of this, Rs200 million, representing 80% of the issue, has already been allocated to pre-IPO investors.

The remaining Rs50 million, or 20% of the issue, will be offered to the general public at a fixed price of Rs10 per share. The public portion is fully underwritten by Muhammad Munir Khanani Securities Limited.

The proceeds will be used to acquire equity in Ningbo Green Light Energy Limited (NGLE), with the intention of merging LSE SPAC-I into NGLE. Under the structure, investors will initially receive shares in LSE SPAC-I, which will later be converted into NGLE shares following the merger.

PSX said the approval allows the company to proceed with the IPO, subject to clearance from the Securities and Exchange Commission of Pakistan (SECP) for issuance and publication of the prospectus, as well as fulfillment of all conditions.

The exchange clarified that approval of the listing application does not guarantee official quotation of shares, which remains subject to final review.

Dawood Equities Limited and LSE Capital Limited are acting as joint consultants to the issue.