Ningbo Green Light Energy Limited (NGLEL) is now listed on the Main Board of the Pakistan Stock Exchange after the country completed its first Special Purpose Acquisition Company (SPAC) deal — a shell company that raises money on the market and later merges with a real business. The solar firm, which works in engineering, procurement and construction (EPC), system integration, and operations and maintenance, reached the board through a merger with LSE SPAC-I Limited.
PSX held a gong ceremony for the listing and described it as a milestone that gives growth-focused firms another path to public capital. The company was first named as LSE SPAC-I’s target. LSE Capital structured and facilitated the deal, in which LSE SPAC-I merged into NGLEL.
How the first SPAC deal was completed
The business combination went ahead under a Scheme of Arrangement sanctioned by the Lahore High Court on 30 September 2026. According to PSX, the scheme’s swap ratio gave SPAC1 shareholders 1.50 NGLEL shares for each SPAC1 share.
LSE SPAC-I, a subsidiary of LSE Capital Ltd., raised Rs250 million in May through an initial public offering and used those funds to take a 19.04% stake in Ningbo Green Light Energy, which is partly owned by Ningbo Green Light Energy Group Company Limited. Pakistan’s securities regulator, the SECP, had put a SPAC framework in place in 2021.
NGLEL listed on 29 October 2026 through what market language calls a backdoor listing — a private firm becoming public by merging with an already listed vehicle rather than running a conventional IPO on its own.
Share price falls sharply after listing
In the four trading sessions after listing, NGLEL shares dropped more than 34%, falling nearly 10% a day on average, and closed at Rs13.82 on Tuesday, down from a pre-listing price of Rs21.06 the previous week. Investors traded 1.93 million NGLEL shares on the fourth day. The exchange’s gong ceremony for the Main Board listing took place on the same Tuesday.
What officials said
Ahmed Chinoy, a PSX director, said innovative market structures can help growth companies raise public capital, set a precedent for later SPAC listings, support the shift toward renewable energy, and deepen Pakistan–China economic cooperation.
Muhammad Qasim, NGLEL’s chief executive, said the listing gives the firm a stronger base for larger projects, expansion and long-term shareholder value after years of building capacity and delivering work in Pakistan’s solar market. Cheng Quan, director of technology, said the country has strong solar potential but needs engineering skill, reliable delivery and designs suited to local conditions, combining international technical experience with a local presence.
Aftab Ahmad Chaudhry, chief executive of LSE Capital, who pushed the SPAC idea in Pakistan and advised on the deal, called the listing proof that the model can work. He said the aim was a credible, efficient path into the public market and wider investment options, and that finishing the first combination needed regulatory engagement, innovation and persistence, plus sound governance.
PSX said the completed transaction also underlines renewable-energy firms’ role in economic development and the exchange’s push to back innovation and broaden investor choice.
Timeline: what has happened so far
- May: LSE SPAC-I raises Rs250 million through an IPO and later acquires a 19.04% stake in Ningbo Green Light Energy.
- 30 September 2026: The Lahore High Court sanctions the Scheme of Arrangement for the business combination.
- 29 October 2026: NGLEL lists on the PSX Main Board via the SPAC merger.
- Four trading sessions after listing (Tuesday): Shares close at Rs13.82 after a drop of more than 34% from Rs21.06; about 1.93 million shares change hands; PSX hosts a gong ceremony.
Aasan alfaaz mein
Pakistan ke stock market par pehli SPAC deal mukammal ho gayi hai, aur solar company Ningbo Green Light Energy ab PSX Main Board par listed hai. Is ka matlab hai ke company ne seedha bada IPO nahi kiya, balkay pehle listed SPAC ke saath merge hokar public ho gayi. Listing ke baad share price char din mein Rs21.06 se Rs13.82 tak gayi, yani 34% se zyada giraawat. Jo log is share mein paise lagayein, unhen price ki is tezi se giraawat ka hisaab rakhna chahiye.
