AdalFi IPO: Pakistan Fintech Seeks Up to Rs652m in PSX Listing

AdalFi, a Lahore-based digital lending company, is preparing to list on the Pakistan Stock Exchange (PSX) this month by selling 50.16 million new shares at between Rs8.75 and Rs13 each. At the top of that range the initial public offering (IPO) would raise about Rs652 million, or roughly $2.35 million. The company says the money will fund new lending products, technology and marketing, and reports based on Bloomberg say it would be the first fintech to list on the PSX.

What happened?

The PSX published a notice on 30 October 2026 saying Adal Fintech Limited had applied for a listing on its Main Board and posting the company’s draft prospectus for public comment. Written comments were due by the close of business on Friday, 6 November 2026.

AdalFi has said it plans to list in November 2026, but the draft prospectus left the book-building and public subscription dates blank. Those dates still have to be announced.

Key details of the AdalFi IPO

• Shares: 50,160,003 new ordinary shares with a par value of Rs1, equal to 10% of the company’s paid-up capital after the IPO.
• Price range: a floor of Rs8.75 per share (a Rs7.75 premium over par) and a cap of Rs13, which is up to 48.57% above the floor.
• How much it raises: about Rs438.9 million at the floor price and about Rs652 million at the cap.
• Split: 37,620,002 shares (75%) for institutions and other eligible investors through book building, and 12,540,001 shares (25%) for the general public at the strike price.
• Underwriting and adviser: Arif Habib Limited is lead manager and consultant to the issue and has fully underwritten the retail portion.

Because the shares are new, the money goes to the company rather than to existing shareholders.

Where will the money go?

According to the draft prospectus summarised by Investify, AdalFi plans to spend the floor-price proceeds over 18 to 24 months:

Use	Amount	Share
Technology, cloud services and cybersecurity	Rs120m	27.3%
Marketing and growth	Rs120m	27.3%
Product and business-model development	Rs100m	22.8%
Solution delivery and implementation	Rs80m	18.2%
General corporate needs and working capital	Rs18.9m	4.3%

The Paypers and TechX report that the product push is aimed at Islamic financing and small-business lending.

How does AdalFi make money?

AdalFi was founded in 2021 by Kewan Khawaja and Salman Akhtar and is a subsidiary of Techlogix, a Pakistani IT services firm. It calls itself a “B2B2C fintech”. Its software uses AI to score the transaction data that banks already hold, so lenders can offer loans to people and small businesses that have never borrowed formally before.

The banks supply the money and keep the loans on their own books. AdalFi takes a share of the income and carries part of the credit risk, but it does not lend from its own balance sheet. Products on the platform include unsecured term loans, credit cards and revolving credit for consumers and small firms. Partner banks named in coverage include UBL, HBL and Meezan Bank.

The company gives two different figures for its lending. The draft prospectus, as reported by Investify, says the platform had facilitated more than Rs90 billion in gross lending by mid-2026, across more than 750,000 loans to over 130,000 borrowers. In the coverage based on Bloomberg, the company put the total at more than Rs110 billion since 2021. It also says about 53% of its borrowers had no previous access to formal credit and that it reaches 990 towns.

AdalFi last raised private money in February 2023, when it closed a $7.5 million round led by UAE-based COTU Ventures and Chimaera Ventures, with Pakistan’s Fatima Gobi Ventures, Zayn Capital and angel investors taking part.

Why it matters

A listing gives ordinary investors a way to back a Pakistani technology company that until now was backed only by private investors. The amount is small, but it tests whether PSX investors will pay for a lending-technology business that does not hold its own loan book.

It also comes during a busy year for listings. Bloomberg data cited by TechX shows 13 offerings in 2026 have raised a combined Rs23.1 billion, the most active year for Pakistani IPOs. Earlier this month, ABHI’s microfinance bank priced its own IPO after strong demand, which we covered in ABHI Microfinance Bank IPO Prices at Rs15.50 After Strong Demand. More Pakistanis are also opening stock accounts: the PSX investor base hit a record this year.

What happens next?

With the comment period over, the final prospectus should set the book-building and retail subscription dates. Institutions will bid first, and the strike price they set will also be the price retail investors pay. PFM Today will update this story when the dates and final price are confirmed.