AdalFi IPO: Pakistan’s First Fintech Listing on PSX to Raise Rs 652 Million

Lahore-based digital lending startup AdalFi plans to launch an initial public offering on the Pakistan Stock Exchange next month, aiming to raise up to Rs 652 million (around $2.35 million) through the sale of new shares. If the listing goes through, AdalFi will become the first fintech company ever listed on the PSX — a milestone for Pakistan’s technology sector and its public markets alike.

What the AdalFi IPO means for the PSX

The proposed offering will make AdalFi one of the very few startups to enter Pakistan’s public market. Most Pakistani technology startups raise money privately from venture capital funds and never go public. AdalFi is choosing a different path — a public listing that would open a new chapter for the country’s technology sector on the stock exchange, proving the PSX is open to tech companies, not just traditional industries like textiles, cement or banking.

The company is a subsidiary of Techlogix, a well-known Pakistani IT services company, and was founded in 2021 by Kewan Khawaja and Salman Akhtar. It operates a business-to-business-to-consumer model: it works with banks, using proprietary technology and artificial intelligence to score financial transaction data already held by the banks, identify eligible customers, and offer loans in real time. Banks provide the funds and keep the loans on their own balance sheets, while AdalFi earns a share of the income and takes on part of the lending risk. In simple terms, it is the technology layer that makes fast, safe digital lending possible.

Rs 110 billion in loans moved so far

AdalFi did not arrive at the IPO stage without backing. In February 2023, the company raised $7.5 million in a funding round led by UAE-based COTU Ventures and Chimaera Ventures, alongside Pakistan-based Fatima Gobi Ventures and Zayn Capital and several angel investors. It has also gone through the Google for Startups Accelerator programme. According to the company, its platform has helped move more than Rs 110 billion in loans since it was founded — a significant number for a startup only a few years old.

Financial institutions working with AdalFi include UBL, HBL and Meezan Bank, among other banks and microfinance banks. Having Meezan Bank on board is especially significant for the Islamic finance side of the business, as it is Pakistan’s largest Islamic bank.

Why Islamic lending is at the heart of the raise

AdalFi plans to use the IPO proceeds to grow its Islamic financing and small-business lending services — two of the fastest-growing areas in Pakistani finance. The Islamic finance push matters because a large part of Pakistan’s population avoids conventional interest-based loans for religious reasons. By expanding Shariah-compliant products through its bank partners, AdalFi can reach millions of customers who are currently left out of the formal lending market.

The need is real: according to a Karandaaz survey, only 30 per cent of adults in Pakistan have access to formal banking services and mobile wallets, which means roughly 70 per cent of adults cannot easily get a bank loan. AdalFi’s AI-powered credit scoring and underwriting models aim to fill that gap with instant loans for consumers and small and medium enterprises, including unsecured products such as term loans, credit cards and revolving finance facilities.

Listing in Pakistan’s busiest IPO year ever

The timing is not random. The AdalFi IPO comes amid a record year for Pakistan’s IPO market: Bloomberg data shows 13 offerings have already raised a combined Rs 23.1 billion in 2026, making it the busiest year for PSX listings in the country’s history. The Securities and Exchange Commission of Pakistan approved ten IPOs in the first half of 2026 alone, with nine companies completing offerings and raising more than Rs 20 billion.

Service Long March Tyres Limited raised Rs 7.77 billion — the largest IPO in PSX history — while Ghani Dairies Limited raised Rs 3.44 billion to become Pakistan’s first listed corporate dairy farm. A record 24,000 investors joined the market in a single month, taking the equity investor base above 545,000, driven largely by younger investors — a growing retail audience that companies like AdalFi can tap when they go public.

For the wider Pakistani startup ecosystem, a successful listing would send a strong signal: founders who currently see venture capital as their only funding option would see that the public market is a real alternative. And for everyday users, it could eventually mean more access to fast, fair and Shariah-compliant loans through whichever bank they already use.

Sources: Bloom Pakistan · TechX