Ningbo Green Light Energy set to be Pakistan's first listing via SPAC: report

Business Recorder reported, citing a Bloomberg interview, that Ningbo Green Light Energy is poised to become Pakistan's first company to list through a blank-check vehicle, with completion expected within weeks. Chief Executive Officer Qasim Ningbo said the solar equipment importer is still waiting for a court to sanction its reverse takeover of LSE SPAC-I Ltd.

LSE SPAC-I, a unit of LSE Capital Ltd, collected Rs250 million in May through its initial public offering and used the funds to buy a 19.04% holding in Ningbo Green Light Energy. That company is partly owned by Ningbo Green Light Energy Group Company Limited, the report added.

The report also describes Pakistan's IPO market as having made a strong comeback in recent years, with momentum continuing into 2026 and new listings generally posting solid performance after debut. Attributed drivers include macroeconomic stability under the IMF programme, positive sentiment, ample liquidity, lower interest rates and political stability. LSE CEO Aftab Ahmad Chaudhry told Bloomberg that growth-stage firms below conventional IPO size can now tap the capital market, broadening financing options.