ABHI Microfinance Bank has raised Rs2.046 billion (about $7.39 million) in its initial public offering on the Pakistan Stock Exchange, pricing its shares at Rs15.50 each after a book-building round that closed on November 6, 2026.
What happened?
The bank sold 99 million shares to institutional and high-net-worth investors during two days of book-building on November 5 and 6, raising Rs1.534 billion. The round drew bids for 157.17 million shares against the 99 million on offer, leaving it about 1.6 times oversubscribed. A further 33 million shares are reserved for the general public, with subscription scheduled for November 12 and 13. At the Rs15.50 strike price, the full 132-million-share offering is worth Rs2.046 billion.
Key details
- The offering covers 132 million ordinary shares, about 13.65% of the bank’s post-IPO paid-up capital, at a floor price of Rs15 per share.
- ABHI is billed as Pakistan’s first fintech-led microfinance bank. It operates more than 114 branches across 108 cities alongside digital lending products.
- The bank’s capital adequacy ratio stood at negative 6.26% on June 30, 2026, below the State Bank of Pakistan’s 15% minimum for microfinance banks. The bank projects the IPO proceeds will lift its ratio to 7.31% by the end of 2026 and 17.77% by the end of 2027.
- Proceeds will strengthen the bank’s regulatory capital base and fund growth in its loan book, according to the prospectus.
- ABHI (Private) Limited holds a 73.73% stake in the bank, with TPL Corp Limited owning 26.27%.
- Topline Securities acted as joint lead consultant on the offering, with Arif Habib Limited and Growth Securities as joint lead managers.
- Dealroom notes that gold-backed lending accounts for nearly 89% of the bank’s advances, concentrating its loan book in a single type of collateral.
- The listing comes as Pakistan’s primary market revives: 11 companies raised about Rs18.4 billion in fiscal year 2026, and PSX investor accounts rose 47.3% in the first 10 months of 2026.
What it means for people in Pakistan
For small savers and first-time investors, the retail subscription on November 12 and 13 offers a chance to buy into a digital-first lender at Rs15.50 a share, though as with any IPO the price can move after listing and investing carries market risk. For the bank’s borrowers, the fresh capital is meant to support more lending, including to small businesses and households that rely on microfinance. The strong demand in book-building also signals growing investor appetite for technology-led financial businesses in Pakistan.
Source: https://dealroom.co/news/170413-pakistans-abhi-microfinance-bank-raises-7-39m-in-fintech-led-ipo/
