Pakistan Set for Up to 16 IPOs as Three-Year Stock Rally Tops 300%

Pakistan’s blistering stock rally and surging retail participation are drawing companies back to the equity market, setting up what bankers say could be a banner year for initial public offerings in 2026.

Two of the country’s prominent investment banks — Arif Habib Ltd. and Ktrade Securities Ltd. — have a combined pipeline of as many as 16 IPOs over the next seven months. That compares with 11 listings in the past three years.