📊 Quick answer: Tasdeeq's IPO priced shares in a band from a Rs 1.90 floor to a Rs 3.00 ceiling, with the final strike price set through Book Building. Retail investors apply through PSX's e-IPO system in multiples of 500 shares.

⚠️ This is not investment advice. This article summarizes publicly disclosed facts from Tasdeeq's prospectus for general information only. IPO investing carries real risk of loss — read the full prospectus and the "Risk Factors" section before making any decision, and consult a licensed investment advisor if you need one.

What Is Tasdeeq?

A credit bureau collects a borrower's loan and repayment history from every bank and lender they've dealt with, and sells that consolidated picture back to lenders so they can assess risk before extending new credit. Tasdeeq (formerly Aequitas Information Services Limited) received Pakistan's first credit bureau license from the State Bank of Pakistan in November 2018, under the Credit Bureaus Act, 2015. It is one of only two licensed credit bureaus in the country — the other is DataCheck Limited — alongside the SBP's own eCIB system, which covers only banks and microfinance banks.

As of end-March 2026, Tasdeeq had data-sharing arrangements with 174 member institutions — 100% of Pakistan's commercial banks, microfinance banks, and microfinance institutions, plus 99 non-bank finance companies including fintech and BNPL lenders — and held records on approximately 41.5 million unique borrowers and 32.2 million active loans. Under the same Act, every regulated lender is legally required to become a bureau member and to pull a credit report before approving, renewing, or restructuring any facility above Rs 25,000 — which makes demand for Tasdeeq's core product a regulatory obligation rather than a discretionary purchase.

Beyond the institutional (B2B) side, Tasdeeq is also the only licensed bureau in Pakistan offering a direct-to-consumer mobile app, launched in May 2023, through which individuals can buy their own credit report and score.

IPO at a Glance

Detail Figure
Total Issue 150,000,000 shares (~15.79% of post-IPO capital)
Face value Rs 1.00 per share
Floor Price Rs 1.90 per share
Ceiling Price (price band) Rs 3.00 per share (~57.89% above floor)
Book Building portion (75%) 112,500,000 shares — min. bid Rs 2,000,000
General Public portion (25%) 37,500,000 shares — fully underwritten
Pre-IPO placement (separate, already done) 69,000,000 shares at Rs 2.35/share
Funds raised (at floor price) Rs 285,000,000
Lead Manager / Consultant to the Issue Topline Securities Limited
Underwriters (retail portion) Topline Securities & Dawood Equities

Separately from the public issue, minority shareholders placed 69,000,000 shares with United Bank Limited, Growth Securities Private Limited, and two individual investors at Rs 2.35 per share — a 23.68% premium to the Floor Price — under a 30-day lock-in. The prospectus points to this arm's-length transaction as an independent signal that informed investors valued the shares above the Floor Price.

Key Dates

How the Business Actually Makes Money

Tasdeeq splits its revenue into a B2B segment (89% of CY2025 revenue) — banks and lenders paying per-inquiry fees for credit reports, credit scores, and portfolio-monitoring tools — and a B2C segment (11%) built around the mobile app, where a single report costs Rs 349 and a six-month subscription costs Rs 999.

Metric (CY2025) Value
Member institutions 174 (100% of banks, MFBs & MFIs)
Unique borrowers on file ~41.5 million
Credit Information Report (CIR) hits 33.9 million (+47% YoY)
Credit Scores generated 1.56 million (+105% YoY)
Mobile app paying customers (cumulative) ~259,000 (as of May 2026)

From Losses to Pakistan's First-Ever Profitable Year

Tasdeeq spent CY2023 and CY2024 in what the prospectus calls an "investment phase" — building out its data-sharing network, technology platform, and consumer app — and posted losses in both years. CY2025 marked the turnaround:

Metric CY2023 CY2024 CY2025
Net revenue Rs 167.3M Rs 184.8M Rs 318.4M
Operating profit / (loss) (Rs 40.5M) (Rs 54.8M) Rs 60.7M
Profit / (loss) after tax (Rs 69.1M) (Rs 71.4M) Rs 70.4M
PAT margin (41.3%) (38.7%) 22.1%

Revenue grew 72% year-on-year in CY2025, a 38% two-year CAGR overall. In the five months to May 2026, unaudited management accounts show revenue of Rs 180.1 million and profit after tax of Rs 36.5 million — broadly consistent with the CY2025 trajectory continuing into this year, though these figures are management estimates, not an auditor-reviewed interim statement.

Where the IPO Money Is Going

At the Floor Price, the issue raises Rs 285 million, to be deployed over 18–21 months:

Use of proceeds Amount %
Product development & engineering Rs 121.2M 43%
Marketing & consumer awareness Rs 91.0M 32%
Technology infrastructure & information security Rs 72.8M 26%

As of the prospectus date, no vendors had been finalized and no funds committed against this spending — the company plans to run a competitive procurement process at the time of purchase, and 16 new engineering roles funded by this raise are still open positions.

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How the Price Band Was Set

The Floor Price of Rs 1.90 is a Rs 0.90 premium over the Rs 1.00 face value. Topline Securities, acting as Consultant to the Issue, justifies it using a discounted cash flow model that produces an intrinsic value of Rs 3.82 per share — meaning the Floor Price is pitched at roughly a 50% discount to that estimate, and even the Rs 3.00 Ceiling Price sits about 21% below it. That DCF relies on management's five-year revenue and margin projections, an 18.2% discount rate, and a 4% terminal growth rate — all assumptions, not guarantees.

For a relative-value comparison, the prospectus cites The Pakistan Credit Rating Agency Limited (PACRA) — itself a Tasdeeq sponsor — trading at a P/E of 22.51x, against Tasdeeq's pre-issue P/E of 15.26x at the Floor Price. It also cites the three globally listed credit bureaus (Experian, Equifax, TransUnion), which average a P/E of roughly 24x. None of these are exact peers — PACRA is a credit rating agency, not a credit bureau, and none of the three global names are Pakistani or SBP-regulated in the same way.

Who Holds the Shares

Sponsors — including Tenx (Private) Limited, Aequitas (Private) Limited, PACRA, and CEO Mumtaz Hussain — will collectively hold about 61.6% of the company after listing, leaving a free float of 38.4% (roughly 365 million shares). Under PSX rules, sponsors must keep their entire shareholding locked for at least 12 months, retain at least 51% until the company reports two consecutive profitable years, and keep at least 25% locked for three years from listing.

Risks Worth Knowing

The prospectus discloses a long list of risk factors; the ones most relevant to a retail investor evaluating this specific offer:

How to Apply

Physical IPO applications were discontinued in Pakistan in September 2025 — every application now goes through an electronic channel:

Frequently Asked Questions

What is Tasdeeq Information Services Limited?

Tasdeeq is Pakistan's first licensed credit bureau, having received its license from the State Bank of Pakistan in November 2018 under the Credit Bureaus Act, 2015. It sells credit reports and scores to 174 member banks and lenders, and runs Pakistan's only consumer-facing credit-report mobile app.

What is the Tasdeeq IPO price?

The Floor Price is Rs 1.90 per share, with a Ceiling Price of Rs 3.00 (about 57.89% above the floor). The exact Strike Price is set through Book Building and published in a Supplement to the Prospectus.

How can I apply for the Tasdeeq IPO?

Retail investors apply electronically through PSX's e-IPO System (PES) or CDC's Centralized e-IPO System (CES), in multiples of 500 shares. You need an active CDS account to receive the shares.

Is Tasdeeq profitable?

It turned its first profit in CY2025 (Rs 70.4 million after tax), following losses in CY2023 and CY2024 during its build-out phase.

Who are Tasdeeq's competitors?

DataCheck Limited is the only other licensed credit bureau in Pakistan. The State Bank's own eCIB system also provides credit reporting but is limited to banks and microfinance banks.

Sources

This article is based on Tasdeeq Information Services Limited's Prospectus dated 24 July 2026, filed with the SECP and PSX. Figures may be revised in the Supplement to the Prospectus or subsequent regulatory filings — always check the primary documents before acting.

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