Arif Habib-Supported Naya Nazimabad REIT Aims for PSX Debut at PKR 18 Base Price

The Pakistan Stock Exchange has published the draft prospectus for Naya Nazimabad Apartment REIT’s offer for sale, seeking stakeholder input ahead of listing on the main board.

Book Building Structure The offer comprises 44,062,500 units at a floor price of PKR 18 per unit with a 27.77% price band up to PKR 23. Seventy-five percent of the offer will be allocated through book building, while the remaining 25% goes to retail investors at the strike price. The retail portion is underwritten by Ismail Iqbal Securities and Sherman Securities.

Project Scope and Financial Snapshot The developmental REIT holds prime assets in Karachi’s Naya Nazimabad and Lahore. Sponsors include Javedan Corporation (74%) and Arif Habib Corporation (26%). Net Asset Value stands at approximately Rs 30.03 per unit based on latest valuation.

Risk factors highlighted in the document include potential construction delays until 2032, commodity price volatility, and regulatory matters concerning the REIT Management Company that do not directly impact the scheme.

Strategic Importance Listing will enhance governance and broaden investor participation, including institutions. Proceeds will support project development, with Shariah-compliant financing already in place. Public comments close on July 13, 2026.

This offering provides an opportunity for investors to participate in Pakistan’s urban real estate growth story through a regulated REIT structure backed by experienced sponsors.