IPO of Pakistan’s Biggest Shariah-Compliant Hybrid REIT
The 2nd and 3rd of May, 2024 marked the dates for the Initial Public Offering (IPO) of Pakistan’s largest Shariah-compliant Hybrid REIT, TPL REIT Fund I (TPL REIT) on Pakistan Stock Exchange (PSX).
The stakeholders involved in TPL REIT include TPL Properties, the parent company of TPL RMC as the strategic investor along with eight commercial banks as anchor investors. Currently, TPL REIT has three ongoing, highly progressive real estate development projects namely; Mangrove, One Hoshang, and Tech Park.
As quoted by Mr. Ali Asgher, CEO of TPL RMC, it is observed that REIT will direct attention towards a rise in real estate development under the formal sector, keeping sustainable practices as a key focus in real estate ventures.
Overall, this IPO was executed through a comprehensive one-week blend of digital and print campaigns aimed at optimizing exposure to the target audience including foreign investors. The reception was overwhelmingly positive across various social media platforms, reflecting significant levels of engagement.
Sold at the fixed price of Rs. 17.59/unit, the IPO was successfully oversubscribed by 46%, raising a total of PKR 563 mn.
Links
- https://www.thenews.com.pk/print/1184197-launch-of-pakistan-s-first-islamic-reit-ipo-on-may-2
- https://www.brecorder.com/news/40301347/tpl-reit-fund-i-public-subscription-opens-today
- https://tribune.com.pk/story/2464786/reit-fund-seeks-rs403m-investment-via-ipo
- https://mettisglobal.news/tpl-reit-fund-i-ipo-subscription-now-open-until-may-3/
- https://profit.pakistantoday.com.pk/2024/05/02/tpl-reit-fund-is-looking-to-raise-rs-403-million-via-ipo/
