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| Metric | NNAR |
|---|---|
| Units offered | 44,062,500 |
| Percentage of REIT offered | 15% |
| Book-building allocation | 33,046,875 |
| Retail allocation | 11,015,625 |
| Floor price | Rs18 |
| Maximum price | Rs23 |
| Final strike price | Rs23 |
| Book-building bids | Rs4.551 billion |
| Book-building issue size | ~Rs595 million |
| Oversubscription | ~8x |
| Book-building participants | 292 |
| Successful participants | 249 |
| Public subscription | September 7–8, 2026 |
The official PSX timetable confirms that book building took place on September 1–2 and that general subscription is scheduled for September 7–8.
The result is especially interesting because the institutional market effectively rejected the Rs18 starting point as the clearing price. Demand pushed price discovery all the way to the Rs23 ceiling.
But Rs23 changes the investment mathematics.
Rs18 was exceptionally attractive on paper. Retail investors are buying at Rs23.
This is perhaps the most important distinction buried underneath the excitement surrounding the eight-times oversubscription.
A great deal of promotional material understandably highlighted an expected investor IRR of approximately 31% and a roughly 43.8% discount to NAV.
Those figures relate to the Rs18 floor price.
The research material supplied for this analysis identifies NAV around Rs32 per unit and models investor returns across different purchase prices. Independent prospectus-based analysis similarly reports NAV at Rs32.03 per unit as of March 2026 and an approximately 31% projected IRR at Rs18.
The attached Akseer Research/Alpha Capital IPO note is therefore particularly useful because it does something that a headline cannot: it examines how investor economics change as the entry price increases. The supplied research should be treated as analyst modelling rather than a guaranteed outcome.
At Rs23, the investment is still being offered below the stated NAV — but obviously by considerably less than at Rs18.
Using the disclosed Rs32.03 NAV:
Rs18 represents an approximately 43.8% discount to NAV.
Rs23 represents an approximately 28.2% discount to NAV.
That is still substantial on paper.
But NAV is not cash sitting in a bank account waiting to be divided among unit holders. It incorporates property valuations, and developmental real estate has execution, liquidity and timing risk. A Rs32 valuation does not mechanically mean that a Rs23 listed unit must eventually trade at Rs32.
This is precisely where retail investors should separate valuation from price.
The projected return at Rs23 is still interesting
The material supplied with the offering indicates expected investor IRR of approximately 31% at the Rs18 floor price, while the user-supplied investment research places the projected return at roughly 24.5% even around the Rs23 cap.
That is an attractive projected number.
It is not a promised yield.
It is not a fixed deposit.
It is not an annual coupon.
And it should certainly not be interpreted as NNAR promising investors 24.5% every year.
IRR is an internal rate of return derived from projected cash flows and their timing. If apartments and other assets sell later than projected, construction costs rise, property prices underperform assumptions or distributions shift into later years, realised IRR can change materially.
This distinction deserves emphasis because Pakistan’s retail investing culture sometimes compresses every investment into one question: “Kitna percent return hai?”
With a developmental REIT, the better questions are: return from what, generated when, dependent upon which sales, based on what property valuations and exposed to which execution assumptions?
