Ningbo Green Light Energy set for Pakistan’s first listing through blank-check vehicle: report

Renewable energy firm Ningbo Green Light Energy, which imports solar equipment, is on track to become the first company in Pakistan to list through a blank-check vehicle. Profit, citing Bloomberg, reported the backdoor listing is expected within weeks, and it hinges on a court ruling on the reverse deal involving LSE SPAC-I Ltd. Chief Executive Qasim Ningbo said the company is still awaiting that court decision.

LSE SPAC-I, a unit of LSE Capital Ltd., collected Rs250 million from its May IPO and put the funds into a 19.04% stake in the renewable firm. Ningbo Green Light Energy Group Company Limited also holds part of the renewable firm. Pakistan's IPO market has regained momentum in recent years, with new listings into 2026 generally performing well after debut. The revival has been linked to a steadier economy under an IMF programme, upbeat investor mood, ample liquidity, lower interest rates and political stability.

LSE Capital CEO Aftab Ahmad Chaudhry said conventional IPOs have mostly involved mature, long-established firms, while growth-stage companies can now raise capital from the market. He added that the move diversifies financing choices, and the listing lands as solar power gains popularity among households and businesses across Pakistan. Pakistan, with about 224 million people, relies heavily on imported oil and LNG, and fuel shortages from the US-Iran war have pushed the government toward alternative energy and austerity.