Tasdeeq IPO books full subscription in record two seconds

The book-building phase of Tasdeeq’s initial public offering (IPO) was fully subscribed within a record two seconds on Wednesday, signaling strong demand from institutional investors, foreign funds and high-net-worth individuals, according to Topline Securities.

Despite reaching full subscription almost immediately, the book-building process will remain open until 5 p.m. on Aug. 6 in line with the offering schedule.

The public subscription for the IPO is scheduled for Aug. 11-12.

Tasdeeq is Pakistan’s first private credit bureau licensed by the State Bank of Pakistan and one of only two licensed credit bureaus operating in the country. It is also poised to become South Asia’s first publicly listed credit bureau.

Topline Securities, the consultant to the issue, said the IPO attracted strong institutional participation, underscoring investor confidence in Tasdeeq’s business model, which benefits from regulator-mandated demand rather than discretionary usage.

Banks and non-bank financial institutions are required to obtain credit reports before extending loans, creating recurring demand for Tasdeeq’s core services. The company is also the only credit bureau in Pakistan offering a consumer mobile application.

In a pre-IPO research report released a day earlier, Mettis Global said Tasdeeq benefits from a regulatory moat because financial institutions are required to obtain credit reports before extending loans.

Tasdeeq posted its first annual profit in calendar year 2025 after two consecutive years of losses, supported by a 72% year-on-year increase in revenue and improving operating margins. Management said operating margins rose to 29% during the first five months of calendar year 2026.

However, Mettis Global cautioned investors about several risks, including Tasdeeq’s relatively short profitability history, valuation assumptions based on an estimated beta due to the absence of listed domestic peers, reliance on terminal value in its discounted cash flow valuation and working capital constraints highlighted in the company’s audited financial statements.

The report concluded that while Tasdeeq offers a regulation-backed business model and has demonstrated a credible earnings turnaround, investors should carefully assess its valuation methodology and execution risks before participating in the IPO.