Karachi June 9, 2025: The Pakistan Stock Exchange (PSX) has seen a number of companies go public over the last ten years, with IPOs (Initial Public Offerings) attracting both institutional and retail investors. But how rewarding have these investments been? A detailed analysis of selected IPOs shows a mixed picture, some stocks have generated impressive returns, while others have significantly underperformed.

Heres a look at how some notable IPOs have fared since their listing:

• Al Shaheer Corporation Limited (ASC) went public in August 2015 at a price of Rs. 95. As of June 5, 2025, the stock is trading at Rs. 7.70, reflecting a steep decline of over 90%.

• Roshan Packages Limited (RPL) was listed in January 2017 with an IPO price of Rs. 86.25. Its current price stands at Rs. 17.66, marking a significant drop for long-term investors.

• Panther Tyres Limited (PTL) debuted at PSX in February 2021 at Rs. 65.80. By 5th June 2025, the stock is down to Rs. 41.03.

• In contrast, Citi Pharma Ltd. (CPHL), which was listed in June 2021 at Rs. 32, has performed strongly, currently trading at Rs. 86.48, offering investors a return of nearly 170%.

• Similarly, Pakistan Aluminium Beverage Cans Limited (PABC) also entered the market in June 2021 at Rs. 49, and now trades at Rs. 107.03, more than doubling in value.

• Airlink Communications Limited (AIRLINK), listed in August 2021 at Rs. 71.50, has shown remarkable growth, reaching Rs. 158.12.

• Octopus Digital Limited (OCTOPUS) launched its IPO in September 2021 at Rs. 40.60 and is currently priced at Rs. 54.38, delivering moderate gains.

• Service GlobalFootwear Limited (SGF) was listed in April 2021 at Rs. 53 and now trades at Rs. 75.64, showing a healthy upward trend.

• The most recent IPO in this list, Fast Cables Limited (FCL), was launched at Rs. 24.45 in May 2024, its price has dropped to Rs. 23.55 by 5th June 2025, indicating early challenges for investors.

Mixed Returns and Investor Lessons

The data underscores that IPO investments at the PSX come with no guarantees. While some companies have rewarded shareholders with substantial returns, others have eroded investor wealth. Market performance, company fundamentals, sector dynamics, and broader economic factors all play a critical role in post-IPO outcomes.

This analysis serves as a reminder for investors to perform thorough due diligence before investing in IPOs. As the PSX continues to attract new listings, the key to success lies in careful evaluation, not hype.