The book-building portion of Naya Nazimabad Apartment REIT (NNAR) was fully subscribed within the first hour of bidding on September 1, reflecting strong investor interest in the offering. The two-day book-building process will continue through September 2 as the closed-end, Shariah-compliant developmental REIT proceeds toward its proposed listing on the Pakistan Stock Exchange (PSX). NNAR is offering 44.06 million units, equivalent to 15% of the Scheme, through an Offer for Sale.
Of the total offering, 33.05 million units, representing 75% of the offer, have been allocated to the book-building portion, while the remaining 25% will be offered to the general public at the strike price determined through the book-building process. The units are being offered within a price band of Rs18 to Rs23 per unit, putting the total offer value between approximately Rs793 million and Rs1.013 billion depending on the final strike price.
Naya Nazimabad Apartment REIT is managed by Arif Habib Dolmen REIT Management Limited and comprises three real estate portfolios located across Karachi and Lahore. The portfolios had a cumulative assessed value of approximately Rs20.46 billion as of April 2026. The rapid subscription during the opening hour highlights the level of demand from institutional and high-net-worth investors participating in the offering.
Following completion of the book-building process, 11.02 million units will be offered to the general public, allowing retail investors to participate in the Scheme. The final strike price and other details of the public offering will be determined following the completion of the book-building process.
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