Lahore lender AdalFi plans Rs652 million IPO, which would make it the first fintech on PSX
The Lahore digital lending platform, a Techlogix subsidiary, wants to raise up to Rs652 million from new shares in November to expand Islamic and small business lending.
AdalFi, a Lahore based digital lending platform, plans to list on the Pakistan Stock Exchange in November and raise up to Rs652 million, about $2.35 million, by issuing new shares. The plan became public on 30 October. If the offering goes ahead, AdalFi would be the first fintech company to trade on the PSX.
The money is meant to expand the company's Islamic financing and small business lending. The price per share, the number of shares and the subscription dates have not yet been published. Because the offering is of new shares only, the proceeds would go to the company.
A lender that does not lend
AdalFi does not lend its own money. Banks supply the funds and keep the loans on their balance sheets. AdalFi scores the transaction data those banks already hold, markets to customers who qualify and delivers loans in real time. In return it earns a share of the income and carries part of the lending risk. It describes itself as a B2B2C fintech: it sells to banks, which in turn serve consumers and small firms.
Its website lists personal loans, salary advances, credit cards and auto loans for consumers, and revolving finance, supply chain finance and term loans for small businesses. UBL, Allied Bank, Faysal Bank, JS Bank, Bank of Punjab, Askari Bank and Bank of Khyber appear among its bank partners. The company says it has enabled more than Rs110 billion of credit in five years, with more than 150,000 unique borrowers and a default rate of about 0.2 percent on loans 90 days overdue.
Backers and timing
AdalFi was founded in Lahore in 2021 and is a subsidiary of the IT services group Techlogix. In February 2023 it raised $7.5 million in a round led by COTU Ventures and Chimaera Ventures, with Fatima Gobi Ventures, Zayn Capital and angel investors taking part. It has also completed the Google for Startups Accelerator.
The listing would arrive in a busy year for the exchange. Bloomberg data shows 13 initial public offerings have raised a combined Rs23.1 billion in 2026, the busiest year on record for listings in Pakistan. Service Long March Tyres raised Rs7.77 billion, the largest IPO in PSX history, and Ghani Dairies raised Rs3.44 billion.
ABHI Microfinance Bank has said it plans to raise Rs3 billion in its own offering in November.
