Solar company Ningbo Green Light Energy is preparing to enter Pakistan’s stock market through a special purpose acquisition company, in what would be the country’s first SPAC transaction, reported Bloomberg.
The company is waiting for court approval to complete a reverse takeover of LSE SPAC I Ltd., according to Ningbo CEO Qasim Ningbo. If approved, the transaction is expected to bring the renewable energy company to the public market within weeks.
LSE SPAC I is a subsidiary of LSE Capital Ltd. The SPAC raised Rs. 250 million through an initial public offering earlier this year and subsequently used the proceeds to purchase a 19 percent stake in Ningbo.
The proposed transaction comes as Pakistan’s IPO market records its busiest year. Bloomberg data shows that 13 IPOs have raised a combined Rs. 23.1 billion so far this year, marking a record for the market.
The increased activity follows a strong stock market rally in 2024 and 2025 and greater participation from individual investors. The IPO market has remained active even though the benchmark KSE 100 Index is down 2.5 percent this year, while the MSCI Frontier Markets Index has gained 9 percent.
Aftab Ahmad Chaudhry, CEO of LSE Capital, said Pakistan’s traditional IPO market has largely been used by mature and established companies. He said the SPAC structure could expand access to capital markets for growth-stage companies and businesses that may not be large enough for a conventional IPO.
Ningbo has installed more than 300 megawatts of solar capacity and is expanding a financing model that allows businesses to install solar systems without making the full payment upfront. Under the model, companies can spread their payments over time.
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