Karachi: LSE SPAC-I Limited, recognized as Pakistan's pioneering Special Purpose Acquisition Company (SPAC), has announced its annual report for the fiscal year ending June 30, 2026, highlighting a year of strategic advancements and significant milestones in the capital markets. The announcement was made on October 8, 2026, detailing the company's journey from its incorporation to its recent achievements.
The fiscal year 2025-26 saw Pakistan's economy transitioning from stabilization to recovery, with a provisional real GDP growth of 3.70%, as reported. This growth was propelled by improvements across the agriculture, industrial, and services sectors, which grew by 2.89%, 3.51%, and 4.09% respectively. The per capita income rose to $1,901 from the previous year's $1,751. Consumer Price Index (CPI) inflation remained contained at 6.19% from July to April, and the KSE-100 index saw a significant move with an increase of approximately 18% during the period from July to March.
In a notable development for Pakistan's capital market, LSE SPAC-I Limited, incorporated on March 20, 2025, has been established under the Companies Act, 2017, and registered as the country's first SPAC under the Public Offering Regulations, 2017. The company's primary objective is to raise capital through an Initial Public Offering (IPO) and pursue a business combination with an operating entity. It does not engage in independent commercial operations or provide products or services.
During the review period, LSE SPAC-I Limited successfully executed its IPO, offering 25 million ordinary shares at PKR 10 each. Of these, 5 million shares were made available to the general public, attracting applications for approximately 8.45 million shares. This response represented a subscription rate of approximately 1.69 times the shares offered. Following the IPO and regulatory compliance, the company was listed on the Pakistan Stock Exchange on May 11, 2026, marking a significant milestone in the evolution of the country's capital markets.
According to information available from the Pakistan Stock Exchange (PSX), LSE SPAC-I Limited identified Ningbo Green Light Energy Limited (NGLE) as its target for a qualifying business combination. The company invested PKR 230 million in NGLE, securing a 19.04% equity stake. NGLE operates in Pakistan's distributed solar market, focusing on solar energy solutions and EPC services, which range from design and installation to maintenance of solar photovoltaic systems for various sectors.
In line with its strategic objectives, LSE SPAC-I Limited initiated the amalgamation process with NGLE under the Companies Act, 2017. This proposed business combination represents a significant step in the company's journey, aiming to establish NGLE as the operating arm of the merged entity, subject to necessary approvals.
The company's financial results for the year reflect its operational focus, with no revenue generated. Administrative and general expenses stood at PKR 30,155,000, resulting in a net loss of PKR 29,608,000. As a SPAC, the company did not declare any dividends for the fiscal year. The equity and revaluation surplus increased substantially to PKR 229.95 million, while total assets were reported at PKR 230.32 million.
The endeavors of LSE SPAC-I Limited underscore the potential of SPACs as an alternate route for businesses to access public capital markets in Pakistan, paving the way for innovative financing solutions and contributing to the country's economic development.