Image REIT IPO Book-Building Oversubscribed, Strike Price Finalized at Rs10.01

September 12, 2025 –

Image REIT (IREIT) has successfully concluded the book-building phase of its Initial Public Offering (IPO), with the strike price set at Rs10.01 per unit. The issue was oversubscribed by 2.1 times, reflecting strong investor demand.

The process, conducted on September 10–11, 2025, attracted total participation of Rs1.923 billion against the issue size of around Rs920 million, according to a notice submitted to the Pakistan Stock Exchange (PSX) by Topline Securities and Growth Securities.

In total, 209 investors took part in the bidding, out of which 178 secured allocations. High Net Worth Individuals emerged as the leading category, provisionally receiving 44.62 million units.

Other allocations included:

• Commercial Banks – 6.9 million units
• Mutual Funds – 4.04 million units
• Institutional Investors – 7.62 million units
• Securities Brokers – 3.51 million units

The oversubscription highlights robust market appetite for Pakistan’s first hybrid REIT structure and marks a major milestone as Image REIT progresses towards its public subscription phase.