How to List a Small Company on the PSX GEM Board in Pakistan: Initial Fee Capped at Rs 50,000
The PSX GEM Board lets growing companies list with an initial fee capped at Rs 50,000. See the annual fee bands, the four steps and one conflict on the page.
A growing Pakistani company can list on the Pakistan Stock Exchange (PSX) through its Growth Enterprise Market (GEM) Board. PSX says the one-time initial listing fee is 0.05% of post-issue paid-up capital, capped at Rs 50,000, and there is no initial SECP fee.
Most business owners think a stock market listing is only for giants. The GEM Board is PSX's answer for small, medium and new businesses that want to raise money for growth. We read the PSX page for the board on 15 October 2026. This guide covers the fees, the four steps and the points PSX leaves unclear.
The GEM Board is a lighter listing route for growth companies
PSX describes the GEM Board as a listing platform for growth-oriented businesses, whether small, medium or greenfield, which means a new project. It offers flexible listing rules that fit a company still in its growth phase, and it is separate from the Main Board.
PSX gives several reasons to choose it. The costs are lower, the rules are relaxed compared with the Main Board, and the company raises money from a wide base of accredited investors. PSX also says there is no term sheet, no exclusivity clause and no shareholders' agreement, as there would be in a typical private fund raise.
The initial fee is capped at Rs 50,000 and the annual fee has three bands
PSX lists three kinds of fee. The initial fee is paid once, the annual fee depends on paid-up capital, and an additional fee applies if you raise more capital after listing. All amounts below come from the PSX page.
| Fee | Rate or amount |
|---|---|
| Initial listing fee | 0.05% of post-issue paid-up capital, capped at Rs 50,000 |
| Annual fee, paid-up capital up to Rs 50 million | Rs 50,000 |
| Annual fee, above Rs 50 million up to Rs 100 million | Rs 100,000 |
| Annual fee, above Rs 100 million | Rs 200,000 |
| Additional listing fee | 0.05% of the increase in paid-up capital, capped at Rs 50,000 |
These are PSX's own fees only. The adviser you hire will charge separately, and PSX tells you to negotiate that fee and agree the adviser's duties in advance. Audit, legal and roadshow costs are not on the PSX page, so do not assume the Rs 50,000 is the full cost of going public.
Four steps take a company from adviser to formal listing
PSX sets out a four-step path. You appoint an adviser, prepare the application, market the company to investors, and then hold a public offer and list formally. The adviser carries most of the preparation work for you.
- Appoint an adviser. PSX suggests meeting more than one and setting a realistic timeline.
- Prepare the application. The adviser reviews the company, does due diligence and writes an Information Memorandum.
- Market to accredited investors through a roadshow of investor presentations.
- Hold an initial public offering, by fixed price or book building, and then list formally.
Fixed price means the shares are offered at one set price. Book building means investors bid, and the price is found from the bids. The choice should come from your adviser after the demand check.
PSX's page is unclear on whether SECP approval is needed
The page gives two answers. One line says you apply to PSX and SECP for approval. Another says SECP approval is not required to list on the GEM Board, which makes the process swift. We cannot tell which one is current.
Ask your adviser and PSX's listing team in writing before you plan a timeline. Meanwhile, the eligibility rules for a business are shown on the page only as a picture, and we could not read them as text, so we do not quote them here.
Prepare the company before you call an adviser
PSX warns that life as a listed company is very different. It names two continuing duties: publishing an annual report and telling the market about material information. A company that does not yet file its returns on time should fix that first.
A new company should be properly registered and its filings up to date. The steps to file a company annual return with SECP are the baseline. If you are still building the business, the route to apply to a national incubation centre is an earlier stage. And if you want to know how shares reach the public, how to apply for an IPO on the PSX shows the buyer's side.
Common questions about the PSX GEM Board
What is the GEM Board?
It is a PSX listing platform for growth-oriented small, medium and greenfield businesses, with more flexible rules than the Main Board.
How much is the initial listing fee?
PSX says 0.05% of the post-issue paid-up capital, capped at Rs 50,000.
How much is the annual fee?
Rs 50,000 up to Rs 50 million of paid-up capital, Rs 100,000 up to Rs 100 million, and Rs 200,000 above that.
Do I need an adviser?
PSX calls choosing the right adviser the most important step. You can pick from licensed consultants, scheduled banks, brokerage houses and accounting firms.
Is SECP approval needed?
PSX's page says both that you apply to PSX and SECP and that SECP approval is not required. Confirm with PSX before you plan.
Who can buy GEM Board shares?
PSX says the board raises capital from a large base of accredited investors, and the public offer is held by fixed price or book building.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 15 October 2026. Fees, steps and descriptions come from the PSX page on the GEM Board, which we opened on that date. The business eligibility table is an image that we could not read as text. We did not contact PSX or an adviser. Fees can change, so confirm them with PSX before you budget.
About the author
Senior Writer, Public Services and Technology
Shahid joined us in 2024 as an author. He is a senior contributor to Pakistan's leading technology websites. He writes detailed articles, mostly covering his expertise in the latest tech, mobiles, apps, gadgets, and step-by-step guides. His ideology is to help people understand the latest trends and explain complex methods through very easy-to-understand guides.
