The Securities and Exchange Commission of Pakistan (SECP) has announced that the final amendments to the public offering regime are now in effect, marking a significant overhaul of Pakistan’s IPO framework.
The updated regime — covering the Public Offering Regulations, 2017, and the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017 — became effective on August 6, 2025. It governs the offering of equity shares, debt securities, and REIT units to the general public.
These amendments, shaped through extensive dialogue with market stakeholders, aim to modernise and streamline IPO processes by enhancing transparency, encouraging competition, leveraging digital tools, and introducing a more inclusive price discovery mechanism.
Major reforms include allowing banks and development finance institutions (DFIs) to act as Consultants to the Issue for equity offerings. Another key change is replacing the traditional single book runner system with the “Eligible Participant” model, enabling a wider base of investors to take part in setting IPO prices.
The SECP believes the revamped rules will help deepen Pakistan’s capital markets, improve investor trust, and create a more competitive environment for public listings.