The Securities and Exchange Commission of Pakistan (SECP) has officially notified the final amendments to the country’s public offering regime, which took effect on August 6, 2025.
The regime — comprising the Public Offering Regulations, 2017, and the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 — governs the issuance of equity securities, debt instruments, and REIT scheme units to the public. All future IPO transactions will now be executed under the updated framework.
The amendments, finalised after extensive stakeholder consultations, are designed to enhance the IPO experience for both issuers and investors by fostering competition, leveraging technology, increasing transparency, and strengthening the capital market’s price discovery process.
Among the key changes is the authorisation of banks and development finance institutions (DFIs) to serve as Consultants to the Issue for equity offerings. Additionally, the single book runner model has been replaced with the “Eligible Participant” concept, allowing broader investor engagement in price setting.
According to the SECP, these reforms aim to create a more robust, inclusive, and transparent public offering process that will strengthen investor confidence and attract more listings to Pakistan’s capital markets.
