Overview
- SECP approved Joint Procedures that finalize amendments to the Public Offering Regulations, 2017, putting a new operational framework for IPO book building in place.
- The reform replaces the Book Runner model with Eligible Participants drawn from securities brokers, scheduled banks, development finance institutions and mutual funds.
- Eligible Participants can submit bids directly for their own accounts or on behalf of clients within the upgraded system.
- Investors can opt for disclosed or undisclosed bids to control visibility and protect confidentiality during price discovery.
- PSX and NCCPL jointly developed an integrated platform connected to NCCPL for margin collection, settlement and refunds, with interfaces for broker onboarding and client registration by Consultants to the Issue.