PSX lists Ningbo Green Light after first Pakistan SPAC deal
Solar firm NGLEL merged with LSE SPAC-I under a Lahore High Court scheme; its shares then fell more than 34% from Rs21.06 to Rs13.82 in four sessions.
Ningbo Green Light Energy Limited (NGLEL) has listed on the Pakistan Stock Exchange Main Board after Pakistan's first SPAC transaction.
The deal merged LSE SPAC-I into NGLEL under a Scheme of Arrangement approved by the Lahore High Court on 30 September 2026.
LSE SPAC-I had raised Rs250 million in an IPO in May and bought a 19.04% stake in the solar company; SPAC shareholders received 1.50 NGLEL shares per SPAC share.
NGLEL shares fell more than 34% in four trading sessions after the 29 October 2026 listing, closing at Rs13.82 from a pre-listing Rs21.06, with 1.93 million shares traded on the fourth day.
PSX marked the listing with a gong ceremony; company and exchange officials called the deal a precedent for future SPAC listings and renewable-energy growth.