Lahore, April 15, 2026: LSE Capital Limited has announced that its subsidiary, LSE SPAC-I Limited, has received approval from the Pakistan Stock Exchange (PSX) for its listing application on the Main Board, along with approval of its draft prospectus. The approval was conveyed by PSX through its letter dated April 14, 2026.

The proposed listing represents a new step for LSE SPAC-I, which plans to raise PKR 250 million through an initial public offering (IPO). The issue comprises 25 million ordinary shares, each carrying a face value of PKR 10.

PKR 50 Million Public Offering

Of the total issue, PKR 200 million, or 80%, has been allocated to Pre-IPO investors through 20 million shares. The remaining PKR 50 million, representing 20% of the issue, will be offered to the general public.

The public portion consists of 5 million shares at a fixed price of PKR 10 per share and has been fully underwritten by Muhammad Munir Khanani Securities Limited.

IPO Proceeds Linked to Ningbo Green Light Energy

According to the disclosure, the funds raised through the IPO are intended to be used for the acquisition of equity shares in Ningbo Green Light Energy Limited (NGLE).

The longer-term objective is to merge LSE SPAC-I with or into NGLE. Under the proposed structure, investors would initially receive shares in LSE SPAC-I, which are expected to be converted into shares of NGLE following completion of the merger.

This structure makes the proposed transaction particularly relevant to investors interested in how SPACs can be used to facilitate the acquisition and eventual combination of companies.

SECP Approval Still Required

While PSX has approved the listing application and draft prospectus, the process is not yet complete. The company still requires formal approval from the Securities and Exchange Commission of Pakistan (SECP) for the issuance, circulation and publication of the prospectus.

The disclosure states that the required SECP approval is to be obtained following the PSX approval, after which the company will obtain the IPO dates from PSX.

The PSX approval letter also makes clear that approval of the listing application does not itself guarantee the company’s official quotation on the Exchange. The company must fulfill the applicable terms and conditions before proceeding with the formal listing process. The PSX document further notes that the approval was granted after reliance on a due-diligence certificate submitted by the Joint Lead Managers.

Conditions Attached to the Approval

PSX has attached several conditions to the approval. These include compliance with applicable PSX listing requirements and SECP Public Offering Regulations, obtaining the necessary SECP approval, and ensuring that the prospectus reflects the relevant amendments and disclosures.

The company will also be required to publish the prospectus in at least one English-language and one Urdu-language newspaper. In the event of an oversubscription, the balloting process is required to be computerized, with the subscription results disseminated within three working days of the public subscription closing.

The approval conditions additionally require the company to complete the relevant requirements for formal listing within the stipulated five working days after crediting shares to successful applicants. Progress reports concerning the utilization of IPO proceeds and the status of commitments mentioned in the prospectus will also be submitted periodically.

What Comes Next?

For LSE SPAC-I, the next major milestone is obtaining SECP approval for the prospectus. Once that approval and the remaining regulatory requirements are completed, PSX will provide the IPO dates.

The issue is being jointly advised by Dawood Equities Limited and LSE Capital Limited, according to the company’s disclosure.

The proposed PKR 250 million transaction therefore marks an important stage in LSE SPAC-I’s plan to raise capital and pursue its proposed combination with Ningbo Green Light Energy Limited. Investors will be able to assess the detailed terms and disclosures once the prospectus receives the required regulatory approval and is formally published.