Regulatory Alerts2025-08-21
Added · Updated
Public Offering Regulations, 2017 (Updated August 6, 2025)
The Securities and Exchange Commission of Pakistan updates the Public Offering Regulations, 2017, to align terminology and procedures with the Securities Act, 2015 and Companies Act, 2017. The amendments replace the term 'Book Runner' with 'Eligible Participant for Book Building' and redefine 'Bid' and 'Bid Amount' to distinguish between shares and debt securities, including specific calculations for discounted instruments. The minimum bid size under the Book Building method is increased from one million to two million rupees, and the upper limit of the Price Band is now determined by the Consultant to the Issue rather than a fixed percentage above the Floor Price. These changes apply to public limited companies, offerors, and various intermediaries involved in public offerings of securities to the general public.