IMAGE REIT to list on Pakistan Stock Exchange with PKR 920M IPO

IMAGE REIT, a Shariah-compliant hybrid and perpetual real estate investment trust (REIT) managed by Sinolink REIT Management Company Limited, is set to be listed on the Pakistan Stock Exchange (PSX), offering investors a chance to tap into the country’s recovering property market.

The REIT has a target size of about PKR 2.75 billion, with PKR 920 million to be raised through an initial public offering (IPO). The scheme already stands at around PKR 1.83 billion.

IMAGE REIT generates income through two Karachi-based projects: an eight-floor, fully occupied commercial building on Shahrah-e-Faisal, and a residential-cum-commercial development on Tipu Sultan Road that is expected to produce both sales and rental income.

The IPO comprises 92,015,467 units, representing 33.36% of post-IPO paid-up units of the REIT scheme. It will be conducted entirely via the book-building method, with a floor price of PKR 10 per unit and a price band of up to 40%, capping at PKR 14 per unit.

The retail portion will make up 25% of the total issue size and will be offered to the public at the strike price determined after book building. Proceeds from the IPO will be used for completing and marketing 11 residential floors of the development REIT project.

The Central Depository Company of Pakistan Limited (CDC) has been appointed as trustee of the scheme.

Sinolink REIT Management Company Limited, which manages the fund, is a licensed entity focused on developing Shariah-compliant investment opportunities in Pakistan’s real estate sector. It provides both institutional and retail investors access to professionally managed real estate portfolios.

Topline Securities and Growth Securities are acting as joint consultants and book runners for the IPO.