ABHI Microfinance Bank IPO at PSX: Strike Price Rs 15.50, Shares or Refunds Due by 20 November 2026

The retail portion offered 33,000,000 shares through PSX's e-IPO system and CDC's Centralised e-IPO System. Applications were in lots of 500 shares, so the smallest application was Rs 7,750 at Rs 15.50.

The ABHI IPO strike price was Rs 15.50 a share

Book building on 5 and 6 November 2026 set the strike price at Rs 15.50, just 50 paisa above the Rs 15 floor. The price band allowed bids up to Rs 22.50. Institutional bids covered the 99,000,000 book building shares about 1.6 times, as reported after bidding closed.

At Rs 15.50, the full issue raises about Rs 2.05 billion. The book building portion is worth about Rs 1.53 billion and the retail portion about Rs 512 million.

Shares or refunds are due by 20 November 2026

The prospectus says shares will be allotted, issued and credited within five working days of the close of subscription. Subscription closed on Friday 13 November, so the deadline is Friday 20 November. Unsuccessful applicants get their money unblocked or refunded within the same five days.

Shares come only in book-entry form, straight into the CDC account or broker sub-account you gave in your application. You will not get a paper certificate. If the bank misses the deadline, the prospectus says it must pay PSX a penalty of Rs 5,000 a day.

Balloting decides who gets shares if retail demand was high

If retail investors applied for more than 33,000,000 shares, PSX's balloting rules in the prospectus favour small applications. Applications for 500 shares are filled first, then 1,000, then 1,500, then 2,000. Any shares left are spread among bigger applications.

1. All 500-share applications are filled first. If there are too many, a computer ballot picks among them only.
2. Next, 1,000-share applications are filled, then 1,500 and then 2,000, each with its own ballot if needed.
3. Remaining shares go to applications above 2,000 shares. Each gets up to 2,000 shares, then any balance pro rata.
4. If the retail portion was not fully taken up, the unsold shares go to the book building bidders or the underwriters at the strike price.

The full process for applying, and the rules for the balloting and refund, are explained step by step in how to apply for an IPO on PSX.

How to check whether you got ABHI shares

Check the place where you applied, then your CDC account. Your bank statement shows the refund or the release of blocked money for any part that was not allotted. Wait until after 20 November before you raise a complaint.

• Applied on PSX e-IPO: sign in at eipo.psx.com.pk with the account you applied from and check that application.
• Applied on CDC's CES: sign in at cdceipo.com with the account you applied from and check that application.
• Through a broker: ask the broker for your allotment, and check the sub-account statement they send.
• Refund: look for the amount coming back to the same bank account you paid from.

For e-IPO problems, the prospectus lists PSX's IT helpline at 111-001-122. For CES problems, it lists CDC at 0800-23275.

What the prospectus says about the bank's capital

ABHI says the money will mainly grow its loans, most of them gold-backed, and strengthen its capital. The prospectus states the bank's capital adequacy ratio (CAR) was minus 6.26% in June 2026, below the State Bank of Pakistan's 15% minimum.

The bank says SBP has relaxed that requirement until October 2027 and that it expects to comply by 2027. It moved from a loss of Rs 1.754 billion in 2024 to a profit of Rs 1.019 billion in 2025, after ABHI Private Limited and TPL Corp bought it in January 2025. Before you trade the shares after listing, read the risk section of the prospectus. Our list of PSX investor dos and don'ts covers the basic checks.

The other IPOs in the pipeline this month are listed in upcoming IPOs at PSX in November 2026.

Common questions

What is the ABHI Microfinance Bank IPO strike price?

Rs 15.50 a share, set in book building on 5 and 6 November 2026 against a floor price of Rs 15.

When did ABHI retail subscription close?

At 12:00 midnight on 13 November 2026. It opened at 9:00 am on 12 November.

When will I get my ABHI shares or refund?

Within five working days of the close, so by Friday 20 November 2026, according to the prospectus.

What was the minimum application for ABHI shares?

500 shares, which cost Rs 7,750 at the Rs 15.50 strike price. Larger applications had to be in multiples of 500.

How many ABHI shares were offered to the public?

33,000,000 shares, 25% of the 132,000,000-share issue. The other 99,000,000 went through book building.

Is ABHI the old FINCA Microfinance Bank?

Yes. The prospectus says ABHI Microfinance Bank was formerly FINCA Microfinance Bank Limited, incorporated in Lahore in 2008.

How we verified this

What we checked and where we read it.

We checked the issue terms on 14 November 2026 in the ABHI Microfinance Bank prospectus posted on the PSX website (dated 30 October 2026), including the issue size, floor price, dates, balloting rules, the five working day deadline, helplines and the capital position. The PSX home page still showed ABHI's IPO for 12 and 13 November on 14 November. The strike price of Rs 15.50 and the 1.6 times cover in book building are the figures announced after bidding closed on 6 November. The amounts raised at Rs 15.50 are our own arithmetic.