Ningbo Green Light Energy eyes Pakistan’s first SPAC listing
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Renewable energy provider Ningbo Green Light Energy is poised to become Pakistan's first company to complete a public listing through a Special Purpose Acquisition Company via a reverse takeover of LSE SPAC-I Limited. Awaiting final sanction from the Lahore High Court, the transaction follows LSE SPAC-I's initial public offering raising Rs250 million in May 2026 and its subsequent acquisition of a 19.04% stake in NGLE. Under the merger terms, existing SPAC shareholders will receive NGLE shares based on a 1.50:1 share-swap ratio, establishing a public free float of up to 40% on the Pakistan Stock Exchange. Registered under the Public Offering Regulations of 2017, the SPAC structure provides a novel capital-market financing route for growth-stage clean-energy firms. This listing coincides with surging commercial and residential adoption of solar and storage solutions across Pakistan as consumers seek alternatives to volatile imported fossil fuel prices.
Renewable energy company Ningbo Green Light Energy (NGLE) is set to become the first company in Pakistan to go public through a Special Purpose Acquisition Company (SPAC), with the transaction expected to be completed within weeks, according to a Bloomberg report cited by Business Recorder.
NGLE is awaiting approval from the Lahore High Court for a reverse takeover of LSE SPAC-I Limited, according to NGLE Chief Executive Officer Qasim Ningbo. The transaction would result in NGLE becoming the listed entity on the Pakistan Stock Exchange (PSX).
LSE SPAC-I raised Rs250 million through its initial public offering in May 2026. It subsequently acquired a 19.04% stake in NGLE, a renewable-energy solutions provider partly owned by Ningbo Green Light Energy Group Company Limited.
Under the proposed scheme, LSE SPAC-I will merge into NGLE following court approval and completion of regulatory requirements. PSX documents show that shareholders of the SPAC would receive NGLE shares under a 1.50:1 share-swap ratio, while a public/free float of up to 40% is expected to be created in NGLE.
LSE SPAC-I was Pakistan’s first SPAC registered under the Public Offering Regulations, 2017. Its prospectus identified NGLE as the target company and gave the SPAC up to three years from listing to complete its merger or acquisition transaction.
NGLE provides solar and renewable-energy solutions across residential, commercial, industrial and agricultural applications. Its services include system design, engineering, procurement, installation, commissioning, operations and maintenance, with projects covering rooftop solar, ground-mounted systems and energy-storage solutions.
The planned transaction represents a new route for growth-stage companies to access Pakistan’s capital markets. LSE Capital CEO Aftab Ahmad Chaudhry said the SPAC structure could expand capital-market funding beyond mature companies that traditionally use conventional IPOs.
The proposed listing also comes amid increasing adoption of solar power in Pakistan, where businesses and households have been seeking alternatives to conventional energy sources and exposure to volatile imported fuel prices. Completion of the transaction remains subject to court sanction and applicable regulatory requirements.
