KARACHI: The initial public offering (IPO) of Pak-Qatar General Takaful Limited (PQGTL) entered its two-day book-building phase on Wednesday, a key step toward its listing on the Pakistan Stock Exchange (PSX). Bidding is scheduled to continue until Thursday, according to the prospectus released by Arif Habib Limited.
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PQGTL, a leading Shariah-compliant insurer, holds 19 percent of Pakistan’s general Takaful market. CEO Shaid Ali Habib said the IPO will make PQGTL the first listed general Takaful operator in the country, providing investors with a new avenue in the Islamic finance segment.
IPO of Pak Qatar General Takaful Limited — the first Islamic Takaful company set to enter Pakistan’s listed space.
Key Highlights:
– Issue Size: PKR 300 million
– Price Band: PKR 10 – 14 per share
– Shares Offered: 22.5 million– Registration: 16th & 22nd January 2026
– Book… pic.twitter.com/SYnS9rKCu2— Arif Habib Limited (@ArifHabibLtd) January 20, 2026
The company is offering a total of 30 million ordinary shares, representing 29.67 percent of its post-IPO paid-up capital. Of these, 22.5 million shares (75 percent) are being offered through the book-building process, while the remaining 7.5 million shares (25 percent) will be allocated through a public subscription.
The book-building portion carries a floor price of Rs10 per share, with a maximum bid allowance of Rs14, a 40 percent price band. The final strike price will be determined using the Dutch auction method, which sets the price at the level where demand fully subscribes the book-building portion.
Eligible investors include securities brokers, mutual funds, banks, development finance institutions, insurance and pension funds, and foreign institutional investors, provided they are clearing members of the NCCPL. Trading-only brokers may also participate under specific arrangements. Bidders can revise their offers upwards, but withdrawals are not permitted.
The retail portion will be fully underwritten by Arif Habib Limited, which also acts as the lead manager and consultant. Public subscription is scheduled for January 28–29 via electronic platforms including the PSX e-IPO system and CDC’s Centralised e-IPO System.
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PQGTL intends to use the proceeds to fund expansion initiatives, including software upgrades, hardware acquisitions, branch expansion, and performance enhancement at existing branches. At the floor price, the IPO is expected to raise Rs300 million, while a full subscription at the cap price could bring in Rs420 million.