LSE Capital Limited has announced that its subsidiary, LSE SPAC I Limited, has received approval from the Pakistan Stock Exchange for its listing application and draft prospectus.
According to the company’s material information notice, PSX approved the listing on April 14, 2026, allowing the company to move ahead with its planned Rs. 250 million initial public offering on the main board, subject to final approval from the Securities and Exchange Commission of Pakistan.
The total issue size comprises 25 million ordinary shares at a face value of Rs. 10 each. Of this, Rs. 200 million, or 80 percent, has already been allocated to pre IPO investors, while the remaining Rs. 50 million, representing 5 million shares, will be offered to the general public at a fixed price of Rs. 10 per share.
The public portion has been fully underwritten by Muhammad Munir Khanani Securities Limited.
A key highlight of the offering is the intended use of proceeds. The funds will be deployed to acquire equity shares in Ningbo Green Light Energy Limited (NGLE), with the ultimate objective of merging LSE SPAC I into NGLE. Following the merger, shareholders are expected to receive NGLE shares in place of SPAC shares.
For background, LSE Capital Limited is the investment and financial services arm associated with the legacy Lahore Stock Exchange ecosystem. The company operates in capital markets advisory, investment structuring, and corporate finance services, and this transaction places it among the early movers in introducing the Special Purpose Acquisition Company (SPAC) model in Pakistan.
SPACs are essentially shell companies created to raise funds through an IPO for the purpose of acquiring or merging with an operating business later, offering investors an alternate route to participate in emerging growth sectors.
This approval is significant because Pakistan’s equity market has seen limited SPAC activity so far, making this one of the more innovative capital market transactions in recent years. The IPO timeline will be finalized after SECP approval for issuance and circulation of the final prospectus
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