The book-building phase of Tasdeeq Information Services Limited's Initial Public Offering (IPO) was fully subscribed in a record two seconds, highlighting strong investor demand from institutional investors, foreign funds and high-net-worth individuals (HNIs).

Although the issue achieved full subscription almost immediately, the book-building process will remain open until 5:00pm on August 6, in line with the offering schedule. The public subscription is scheduled to take place on August 11 and 12.

Tasdeeq is Pakistan's first private credit bureau licensed by the State Bank of Pakistan (SBP) and one of only two licensed credit bureaus operating in the country. Upon listing, it is also expected to become South Asia's first publicly listed credit bureau.

The company's business model is supported by regulatory-driven demand, as banks and non-bank financial institutions are required to obtain credit reports before extending loans. Tasdeeq also distinguishes itself as the only credit bureau in Pakistan offering a dedicated consumer mobile application.

A recent pre-IPO analysis highlighted that the company returned to profitability in CY2025 after recording losses in the previous two years. The turnaround was supported by a 72% year-on-year increase in revenue and improving operating margins, with management indicating that margins further strengthened to 29% during the first five months of CY2026.

Despite the strong business outlook, analysts noted several investment considerations, including the company's relatively limited profitability history, valuation assumptions due to the absence of comparable listed peers, reliance on terminal value in its discounted cash flow valuation, and working capital constraints reflected in its audited financial statements.

Overall, Tasdeeq's IPO has attracted significant investor interest, supported by its regulation-backed business model, improving financial performance and strategic position within Pakistan's financial services sector.