Upcoming IPOs at PSX in November 2026: Adal Fintech and Integrated Equities, Floor Prices, Shares and Dates (Full List)
Two draft IPOs are on the PSX website: Adal Fintech at a Rs 8.75 floor and Integrated Equities at Rs 7. See shares, price bands, retail portion and next steps.
Two companies have draft IPOs on the Pakistan Stock Exchange (PSX) as of 1 November 2026: Adal Fintech Limited, offering 50.16 million shares at a floor price of Rs 8.75, and Integrated Equities Limited, offering 50.31 million shares at a floor price of Rs 7. Both have applied for the Main Board, both use book building, and neither has fixed its bidding or subscription dates yet. PSX is taking public comments on Adal Fintech's draft until Friday 6 November.
We read both PSX notices and the draft prospectuses attached to them on 1 November 2026. All figures below come from those documents. A draft prospectus can change before the final one is approved, so treat these as the starting terms.
Upcoming PSX IPOs in November 2026: the full list
These are the two draft IPOs listed for public comment on the PSX website when we checked. Both are offered through Arif Habib Limited as lead manager.
| Detail | Adal Fintech Limited | Integrated Equities Limited |
|---|---|---|
| Business | AI credit platform used by banks | Stock brokerage, PSX TREC No. 293 |
| Based in | Lahore (registered), Islamabad (head office) | Lahore, with a Karachi branch |
| Shares offered | 50,160,003 | 50,312,500 |
| Share of company after IPO | 10% | 20% |
| Floor price | Rs 8.75 | Rs 7.00 |
| Highest price in band | Rs 13 (48.57% above floor) | Rs 10.50 (50% above floor) |
| Raised at floor price | Rs 438.9 million | Rs 352.2 million |
| Retail portion | 12,540,001 shares (25%) | 12,578,125 shares (25%) |
| PSX notice | PSX/N-1350, 30 October 2026 | PSX/N-1266, 16 October 2026 |
| Public comments until | Friday 6 November 2026 | Friday 23 October 2026 (closed) |
Adal Fintech IPO: 50.16 million shares at a Rs 8.75 floor
Adal Fintech was set up in Lahore on 22 June 2021. Its draft prospectus describes it as a technology company whose AI platform helps banks decide on consumer, SME and farm loans using a borrower's real cash flows. It says it is not a lender itself and holds no loans; the partner bank lends.
The draft says partner banks have used the platform to lend more than Rs 90 billion to over 130,000 borrowers, with a 0.2% default rate. That is the company's own claim, which we could not check.
The IPO is 10% of the company after listing. At the floor price it raises Rs 438.9 million. The draft plans to spend Rs 120 million on technology and security, Rs 120 million on marketing, Rs 100 million on product and model development, Rs 80 million on rolling the service out to more banks and Rs 18.9 million on general needs.
PSX notice PSX/N-1350 of 30 October 2026 asks anyone with comments on the draft to email PSX by close of business on Friday 6 November 2026.
Integrated Equities IPO: 50.31 million shares at a Rs 7 floor
Integrated Equities is a Lahore stockbroker, founded in 2008 and made a public limited company in 2016. It holds PSX trading right certificate (TREC) No. 293 and runs an online trading app called TEZI.
The IPO is 20% of the company after listing and raises Rs 352.2 million at the floor price. The draft splits it into Rs 157.6 million for a new branch and brokerage working capital, Rs 148.8 million for the online app's working capital and Rs 45.8 million for the app and its marketing.
Its public comment window closed on 23 October 2026. The next step is approval of the final prospectus, which will set the bidding dates.
How book building and the retail portion work
In both IPOs, 75% of the shares go through book building. Institutions and large investors bid prices between the floor and the top of the band, and the strike price is the price at which that 75% is fully bid. Ordinary investors then apply for the other 25% at that strike price, and both drafts say the retail portion will be fully underwritten.
The bidding and subscription dates are blank in both drafts. They appear only in the final prospectus. Until then, nobody can apply.
- Open a brokerage account or a CDC account in your name, if you do not have one.
- Wait for the final prospectus with the subscription dates.
- Read the risk factors section before deciding.
- Apply online through PSX's e-IPO system or CDC's e-IPO system during the subscription days.
- Pay from your bank account; the draft says 1Link has removed transfer limits for e-IPO payments.
The application steps are set out in applying for an IPO at PSX, and the warning signs to check in IPO dos and don'ts. If you have no account yet, start with a PSX Sahulat account by CNIC.
What to weigh before applying
Both drafts carry the standard warning: do not invest money you cannot afford to lose. Both companies are small by PSX standards, and the price you pay depends on the strike price set by large bidders.
For Adal Fintech, the draft says the core lending platform is licensed from its parent company, and only new product work paid for by the IPO will be owned in Pakistan. For Integrated Equities, the draft shows the founder, Sardar Ali, and his family holding most of the shares before the IPO. Read both points in the final prospectus. The wider market backdrop is in the KSE-100 close on 30 October.
Common questions
Which IPOs are coming to PSX in November 2026?
Adal Fintech Limited and Integrated Equities Limited have draft prospectuses on the PSX website. Neither has fixed bidding dates yet.
What is the Adal Fintech IPO price?
The floor price is Rs 8.75 a share, with a band up to Rs 13. The final price is set by book building.
What is the Integrated Equities IPO price?
The floor price is Rs 7 a share, with a band up to Rs 10.50.
Can I apply for these IPOs now?
No. Subscription opens only after the final prospectus is published with dates.
How much of each IPO is for ordinary investors?
25%: 12,540,001 Adal Fintech shares and 12,578,125 Integrated Equities shares, at the strike price.
Where can I comment on the Adal Fintech draft?
By email to PSX at comments.draftprospectus@psx.com.pk until close of business on 6 November 2026, as the notice says.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 1 November 2026. Every figure comes from PSX notice PSX/N-1350 of 30 October 2026 with the Adal Fintech draft prospectus, and PSX notice PSX/N-1266 of 16 October 2026 with the Integrated Equities draft prospectus, both downloaded from the Pakistan Stock Exchange website on 1 November 2026. The money raised at the top of each band is our arithmetic. Adal Fintech's lending and default figures are the company's own claims. The final prospectuses, prices and dates were not available when we checked.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
