Service Long March lists at PSX as 11th IPO in FY26

Highest number in nearly two decades; Finmin calls US-Iran deal significant for global economy

ISLAMABAD:

Service Long March Tyres Limited (SLM) was listed at the Pakistan Stock Exchange (PSX) on Monday, marking the 11th initial public offering (IPO) of the current fiscal year – the highest number in nearly two decades.

Federal Minister for Finance and Revenue Muhammad Aurangzeb, virtually addressing the "Gong Ceremony" held at the PSX to mark the listing, said the strongest vote of confidence in any economy came when investors committed capital. He added that growing participation at the exchange reflected increasing trust in Pakistan's economic direction.

The minister recalled his association with the venture from its early stages and described it as a successful example of industrial cooperation and export-oriented investment. He praised the execution of the project during the peak of the Covid-19 pandemic and acknowledged the contribution of Chinese expertise as well as the continued confidence of investors in Pakistan.

Turning to regional developments, Aurangzeb termed the announcement of the US-Iran peace agreement a proud moment for Pakistan and a significant development for the global economy. He said the accord reflected the success of diplomatic efforts aimed at promoting regional peace and stability.

The minister said Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir continued to receive recognition for their persistent and dedicated efforts on the mediation front that had helped bring the process to a successful conclusion.

Referring to the prime minister's announcement regarding the signing of a Memorandum of Understanding later this week, Aurangzeb said the development carried positive implications for Pakistan's economy and broader regional stability.

Aurangzeb noted that Pakistan had effectively managed the first-order economic impact of the conflict during the past three months and expressed confidence that the agreement would help ease concerns over potential secondary and tertiary economic consequences. While acknowledging that disruptions to energy infrastructure would take time to normalise fully, he said the agreement had improved the outlook for economic activity and created encouraging upside potential for the next fiscal year.

The finance minister also highlighted growing investor participation, particularly young investors entering the market. He reiterated that Pakistan remained committed to creating an enabling environment for investment, strengthening capital markets and expanding international economic partnerships to support sustainable growth and long-term prosperity.

The listing of Service Long March Tyres, he added, marked another important milestone for Pakistan's financial markets. The country has witnessed 11 IPOs during the current fiscal year, the highest in nearly two decades.