Tasdeeq, a credit information and analytics company of Pakistan regulated by the State Bank of Pakistan (SBP), is set to launch an Initial Public Offering (IPO) at the Pakistan Stock Exchange (PSX), becoming the first credit bureau in South Asia to be publicly listed.
Topline Securities, the consultant and adviser on the transaction, sees the offering as a milestone for Pakistan’s capital market, providing investors access to a unique data-driven business operating in an oligopolistic market with high barriers to entry and strong regulatory support.
Tasdeeq benefits from mandatory Credit Information Bureau requirements for financial institutions, a large proprietary database and an expanding suite of analytics and third party price validation services. The company is governed by a board that meets the SBP’s Fit and Proper Test criteria and is led by an experienced management team.
The company has witnessed exponential growth in revenues and profits in recent years, supported by significant operating leverage inherent in its asset-light business model. Market participants believe the company’s scalable business model and growing focus on B2C solutions position it to capitalize on rising demand for data and digital financial services.
The proposed listing is expected to further deepen Pakistan’s equity market while offering investors exposure to a high-growth, technology-enabled franchise with recurring revenues and substantial long-term growth potential.