PAKISTAN: SECP Issues Final Amendments in the Public Offering Regime

Thursday August 21 2025

On 13^th August 2025, the Securities and Exchange Commission of Pakistan (SECP) notified the final amendments to the public offering regime. The regime—comprising the Public Offering Regulations, 2017 and the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017—governs the offer of equity securities, debt instruments, and units of REIT schemes to the public.

The revamped regime has become effective from the date of notification, August 6^th, 2025. Future Initial Public Offerings (IPO) transactions shall be executed in accordance with the amended regulations. The updated regulations aim to optimize the IPO experience for issuers and investors by promoting competition, leveraging technology, improving transparency, and introducing a more robust and inclusive price discovery mechanism in the capital market.

Key changes include permitting banks and Development Finance Institutions (DFIs) to act as Consultants to the Issue for equity offerings, as well as introducing a more transparent price discovery process by replacing the single book runner model with the concept of “Eligible Participant”, enabling wider investor participation.

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