February 20, 2026 (MLN): In a historic move for the Pakistani capital markets, the Pakistan Stock Exchange (PSX) has officially invited public comments on the of LSE SPAC-I Limited, the country’s first-ever Special Purpose Acquisition Company (SPAC).

Incorporated on March 20, 2025, the company represents a shift toward modern financial instruments, aiming to raise Rs250 million to facilitate a strategic merger with a high-growth target in the renewable energy sector.

The Offering

LSE SPAC-I Limited is making its debut on the Main Board of the PSX with a total issue size of 25,000,000 ordinary shares.

• Issue Price: Fixed at PKR 10.00 per share (at par value).

• Allocation: * 80% (20,000,000 shares) allocated to Pre-IPO investors.

  • 20% (5,000,000 shares) offered to the General Public.

• Joint Consultants: LSE Capital Limited and Dawood Equities Limited.

• Underwriter: Muhammad Munir Khanani Securities Limited.

Investors can participate through the PSX e-IPO System (PES) and CDC’s Centralized e-IPO System (CES), with no transaction limits on e-banking payments.

Ningbo Green Light Energy (NGLE)

Unlike traditional "blind pool" SPACs, LSE SPAC-I has already identified its target: Ningbo Green Light Energy Limited (NGLE).

NGLE is a prominent renewable energy solutions provider with an aggregate installed capacity exceeding 300 megawatts in Pakistan for government, military, and industrial clients.

The Transaction Structure:

1. Phase 1: LSE SPAC-I will use PKR 230 million from the IPO proceeds to acquire a 19.04% equity interest in NGLE through a rights issue at an effective price of PKR 65.16 per NGLE share.

2. Phase 2: Following the acquisition, the companies will file a Scheme of Arrangement with the Lahore High Court to merge LSE SPAC-I into NGLE.

3. The Result: NGLE will emerge as the surviving listed entity on the PSX, while LSE SPAC-I will cease to exist.

Upon approval of the merger, shareholders of LSE SPAC-I will receive shares of NGLE at a SWAP ratio of 1.20 (1.20 NGLE shares for every 1 LSE SPAC-I share).

This results in an effective cost of Rs8.37 per NGLE share, representing a discount to its post-scheme book value of Rs10.12.

The company is led by a veteran board, including Ms. Aasiya Riaz (CEO) and Lt Gen (R) Omar Mahmood Hayat (Chairman).

Post-IPO, LSE Ventures Limited will be designated as the main sponsor, committing a minimum of PKR 29 million, with the capacity to subscribe up to PKR 100 million if required to ensure the transaction’s success.

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