Lahore: The Pakistan Stock Exchange (PSX) today hosted a prestigious gong ceremony in Lahore to commemorate the official listing of Pakistan Credit Rating Agency Limited (PACRA) on its Growth Enterprise Market (GEM) Board. This landmark event signifies a new chapter for PACRA, reinforcing its commitment to transparency, accountability, and growth within Pakistan’s capital markets.
According to Pakistan Stock Exchange Limited, the ceremony was attended by distinguished guests, including representatives from LSE Capital Limited (Transaction Advisory and Financial Structuring Service Provider for the IPO), IEL, the Pakistan Stock Exchange, and the Securities and Exchange Commission of Pakistan (SECP). Mr. Farruk H. Shabzwari, CEO of PSX and Mr. Imran Inayat Butt Executive Director, Securities Market Division of SECP, was also present to mark this significant occasion.
Welcoming guests at the opening of the ceremony, CEO PSX Mr. Farrukh H. Sabzwari highlighted the Exchange’s ongoing efforts to bring capital mar
ket access closer to businesses by choosing to hold the gong ceremony in Lahore-where the listed company is based-rather than in Karachi, where such events are traditionally hosted. He stated, ‘I’m here today not just to mark PACRA’s important milestone, but to reinforce our commitment to expanding listing awareness at the grassroots level and to continue the practice of hosting listing ceremonies in the regions where companies operate.’
Speaking about the success of PACRA’s listing, he noted that PACRA raised nearly PKR 396.239 million, significantly exceeding its target. ‘Such a resounding outcome speaks volumes about the credibility of the PSX platform and the growing trust of investors placed in the market’s evolving architecture,’ he said.
He further added, ‘With this addition, seven companies have now been listed on the GEM Board. The GEM Board was established to empower SMEs and growth-stage enterprises with a streamlined, cost-effective capital-raising platform.’ Mr. Sabzwari also announced that PSX
will soon organize an IPO roundtable for the business community in Peshawar, with the objective of increasing listing awareness through direct regional engagement.
Addressing the attendees, Mr. Usman Haider, CEO of PACRA, expressed his profound gratitude and pride. ‘For almost 30 years, PACRA has been a trusted partner in Pakistan’s capital markets, providing independent credit ratings and insights that support transparency, investor confidence, and informed decision-making,’ stated Mr. Haider. ‘Today, as we officially join the ranks of listed companies, we embrace a new chapter-one that brings greater accountability, broader engagement, and achieving an even higher standard of excellence.’
Mr. Tariq Jamil, Chairman of PACRA, echoed these sentiments, highlighting the significance of the GEM Board. ‘The GEM Board is a visionary initiative, and we sincerely appreciate the efforts of the Pakistan Stock Exchange and the SECP in supporting institutions our size with growth ambitions,’ Mr. Jamil remarked.
The in
itial public offering (IPO) of PACRA was met with overwhelming success, being oversubscribed by more than four times. This strong vote of confidence underscores the market’s enduring trust in PACRA’s independent and credible ratings.
Mr. Haider extended special thanks to the PACRA team for their unwavering commitment and discipline, acknowledging that ‘this moment belongs to you.’ He also expressed gratitude to the Rating Committee members for their professionalism and analytical rigor, and to the Board of Directors for their invaluable guidance and long-term vision.
PACRA also acknowledged the crucial role played by regulatory bodies. ‘We are sincerely grateful to the SECP and the State Bank of Pakistan for their longstanding regulatory oversight and for guiding the evolution of the rating industry with wisdom and foresight,’ Mr. Haider added. Appreciation was also extended to the Pakistan Stock Exchange for their clarity, efficiency, and support throughout the listing process, and to advisors LSE Capital
and IEL for their instrumental role.
PACRA’s listing on the PSX GEM Board is a testament to its robust foundation and its vision for continued growth and contribution to the financial landscape of Pakistan.