Pakistan’s first fintech listing moved a step closer to reality on November 2, 2026, as the Pakistan Stock Exchange published the draft prospectus of Adal Fintech Limited (AdalFi) on its website and invited public comments on the document, as reported by Mettis Link News. The move is a key regulatory milestone for the Lahore-based digital lending startup, which plans to list on the PSX Main Board through a combination of book building and a general public offering.
If the listing goes through, AdalFi would become one of the country’s first pure-play technology product companies to join the Main Board — a landmark moment for Pakistan’s technology sector and its capital markets. The development follows the IPO plans first announced on UrduPro on October 30.
PSX Opens Draft Prospectus for Public Comments
The PSX has placed AdalFi’s draft prospectus on its website to invite feedback from stakeholders and the general public. Written comments on the document can be sent to the exchange at comments.draftprospectus@psx.com.pk no later than the close of business on Friday, November 6, 2026.
Putting the draft prospectus out for public consultation is a standard step in the listing process: it gives investors, analysts and the public a chance to review the company’s disclosures before book building begins. The consultation window is short — just a few days — which suggests the company and its advisers want to keep the listing timeline moving. The lead manager and consultant for the issue is Arif Habib Limited.
IPO Structure: Floor Price, Price Band and Underwriting
AdalFi plans to list 50,160,003 ordinary shares — representing 10 percent of its total post-IPO paid-up capital — with a face value of PKR 1 each. The floor price has been set at PKR 8.75 per share, which includes a premium of PKR 7.75, while the cap price goes up to PKR 13.00 per share, reflecting a maximum price band of 48.57 percent.
Seventy-five percent of the issue (37,620,002 shares) is reserved for the book-building portion aimed at institutional investors and eligible participants, while the remaining 25 percent (12,540,001 shares) will be offered to the general public at the strike price set through book building. The retail portion is fully underwritten by Arif Habib Limited.
At the floor price, net proceeds from the fresh issue are estimated at approximately PKR 438.9 million. At the cap price of PKR 13 per share, the issue would raise roughly PKR 652 million — matching the headline target reported when the IPO plans first surfaced.
What AdalFi Does: AI-Driven Digital Lending Infrastructure
Founded in June 2021 by MIT alumni Salman Akhtar and Kewan Qadre Khawaja, and drawing on the banking-software heritage of Techlogix, AdalFi provides AI-driven digital lending infrastructure to Pakistan’s banks. Rather than operating as a traditional balance-sheet lender, the company works as a software and technology partner to regulated financial institutions: its platform plugs into partner banks’ core systems to automate cash-flow-based credit scoring, digital loan journeys, instant disbursements and portfolio monitoring.
Its commercial model is unusual. AdalFi charges partner banks no upfront licensing or implementation fees. Instead, it earns a performance-linked share of net markup income while taking a matching pari passu share of credit risk on non-performing loans — aligning its own incentives with the banks it serves.
As of mid-2026, the platform had enabled cumulative gross lending volume exceeding PKR 90 billion across more than 750,000 loans to over 130,000 unique borrowers. Portfolios running on the platform have held a 90-day default rate of about 0.2 percent — far below the roughly 3.5 percent baseline of traditional bank lending. The platform is live across nine partner banks, including UBL, Allied Bank, Askari Bank, JS Bank, MCB Bank, Bank AL Habib, Faysal Bank, The Bank of Khyber and The Bank of Punjab.
Financial Growth and Where the IPO Money Goes
AdalFi’s financials show the classic profile of a scaling software company. Total revenue grew from PKR 151.27 million in calendar year 2023 to PKR 566.92 million in CY2025, reaching PKR 394.36 million in the first half of CY2026 alone. After a net loss of PKR 128.52 million in CY2023 during its investment-heavy rollout phase, the company posted its first full year of profit in CY2025 with profit after tax of PKR 107.71 million — and the first half of 2026 alone, at PKR 114.77 million, has already beaten the full-year 2025 figure. As a registered Zone Enterprise with the Special Technology Zones Authority, AdalFi enjoys a corporate income tax exemption until June 30, 2031.
The IPO proceeds will be deployed over 18 to 24 months: product and model development takes 22.8 percent (PKR 100 million), technology infrastructure, cloud and information security 27.3 percent (PKR 120 million), marketing and growth 27.3 percent (PKR 120 million), solution delivery and implementation scale-up 18.2 percent (PKR 80 million), and general corporate and working capital 4.3 percent (PKR 18.9 million).
What Comes Next
With the draft prospectus now in the public domain, the next markers are the close of the comment window on November 6 and the book-building process that will set the final strike price. The listing would follow closely on the heels of ABHI Microfinance Bank’s planned Rs3 billion IPO, whose book building is scheduled for November 5–6.
For Pakistan’s startup ecosystem, a successful Main Board debut by a pure-play technology product company would be a first — and a signal that the country’s software firms can raise growth capital at home.
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