The initial public offering (IPO) of Pak-Qatar General Takaful Limited (PKGTL), the first public listing of 2026, was oversubscribed by 21 times in rupee terms at the Pakistan Stock Exchange (PSX) following the conclusion of its two-day book-building process on Thursday.

According to data shared by the issue manager, bids worth Rs4.74 billion were received against a minimum fundraising target of Rs225 million during bidding sessions held on Wednesday and Thursday, underscoring strong institutional demand.

The company offered 22.5 million shares to institutional and high-net-worth investors at a floor price of Rs10 per share. Robust demand during the book-building phase pushed the strike price to the upper cap of Rs14 per share, representing a 40% premium over the floor price.

At the final price, PKGTL raised Rs420 million through the issuance of 30 million shares. Of the total offering, 75% or 22.5 million shares were allocated to institutional and high-net-worth investors through book building, while the remaining 25%, equivalent to 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 the 22.5 million shares offered to non-retail investors, translating into an oversubscription of just over 15 times by volume, based on data available on the PSX bidding screen.

According to the IPO prospectus, the proceeds will be utilised to strengthen the company’s capital base, enhance solvency margins, expand its digital distribution network, and support the development of new takaful products.

Following the public offering, PKGTL’s paid-up capital will increase from Rs711.071 million to Rs1.011 billion. The strengthened capital position is expected to support regulatory compliance requirements for non-life insurers and takaful operators set by the Securities and Exchange Commission of Pakistan (SECP).