Khaadi’s official financial-reporting page provides a June 2026 half-year report. That is a better starting point for financial scrutiny than treating a promotional summary as a complete investment document. khaadipakistan.com
Service Long March Tyres offers a lesson about demand—not a guaranteed price path
The comparison with Service Long March Tyres is useful because it separates interest during an offering from investment returns afterwards. Arif Habib Limited’s transaction account records Rs7.775 billion raised through its pre-IPO and IPO, with approximately 16.7 times oversubscription in the initial bookbuilding portion. Those figures demonstrate substantial demand at that stage; they do not guarantee subsequent returns. Arif Habib Limited(AHL)
Calling the share sideways rather than in a downtrend requires a defined observation period and a verified price chart. Saying it “will go up eventually” goes further still, turning an expectation into a promise that the available evidence cannot support. A sound business can remain range-bound, recover or disappoint, depending on earnings delivery, valuation and market conditions.
For Khaadi, the lesson is to resist treating oversubscription as an independent investment thesis. Bookbuilding tells investors something about demand under particular conditions; the shareholder’s eventual return depends on the price paid and the business performance that follows.
What has been Pakistan’s largest IPO—and its highest IPO valuation?
This question needs a definition before it needs a winner. A private-company capital raise, a government divestment, a domestic IPO and a later international share sale are different transactions. Combining them produces impressive headlines and unreliable comparisons.
Pakistan’s Privatisation Commission records Rs12.161 billion for HBL’s 2007 IPO, representing 51.75 million shares and a 7.5% stake. That exceeds Khaadi’s proposed maximum combined fundraising in nominal rupees, although HBL’s transaction involved government-owned shares rather than fresh capital raised for expansion. The Commission separately records a much larger HBL share sale in 2015; that later sale should not be relabelled as its initial public offering. Privatisation Commission
| Transaction | Proceeds or target | Necessary qualification |
|---|---|---|
| HBL, 2007 | Rs12.161 billion | Government IPO divestment, including additional shares |
| Interloop, 2019 | Rs5.025 billion | Described at the time as Pakistan’s largest private-sector IPO |
| Service Long March Tyres, 2026 | Rs7.775 billion | Combined pre-IPO and IPO proceeds |
| Khaadi, proposed | Rs6.2–8.3 billion | Combined target; public tranche targets Rs3.1–4.5 billion |
Sources: Privatisation Commission, contemporaneous Interloop reporting and Arif Habib Limited. These are historical comparisons, not a single uniformly defined ranking. Privatisation Commission
