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September 16, 2025
A gong ceremony was held at The Pakistan Stock Exchange (PSX) on Tuesday to mark the successful listing of the Retail Listed Short-Term Sukuk that was issued by K-Electric. The ceremony was attended by Farrukh H Sabzwari, MD & CEO of PSX, NCCPL CEO Naveed Qazi, CDC CEO Badiuddin Akber along with KE’s leadership including CEO Moonis Alvi, CFO Aamir Ghaziani, Company Secretary Rizwan Pesnani, KE’s board member Saad Amanullah Khan and the Shariah Advisors.
KE concluded the IPO on September 3, attracting 2.2x times more bids than its target of PKR 2 billion. The amount was raised to meet KE’s operational and working capital requirements. KE Retail Sukuk saw participation from over 600 retail applicants and institutional investors.
The pre-IPO phase, amounting to Rs1 billion, was specifically tailored for KE’s industrial and large commercial consumers, as well as high-net-worth individuals.
A unique feature of this Sukuk was the option of bill adjustments against monthly profits for KE’s residential and commercial consumers. The Sukuk operates under a Shirkat-ul-Aqd Islamic structure, allowing investors to directly participate in KE’s core business operations related to electricity provision.
While speaking at the event, PSX MD and CEO Farrukh H. Sabzwari stated, “Unlocking the potential of capital markets in both developed and emerging markets relies on innovation. KE’s Sukuk is a prime example of such innovation, contributing to the growth of capital markets. A progressive and supportive regulatory framework enables the conception and launch of groundbreaking products, and this successful issuance is a testament to the power of collaboration fostered by the Securities and Exchange Commission of Pakistan. Therefore, my first thanks must go to them, followed by KE, which has not only diversified its own financing but also paved the way for other corporations to follow.”
