New PSX record: Service Long March Tyres IPO book building gets fully subscribed within 5 seconds

Service Long March Tyres Limited’s (SLM) Initial Public Offering (IPO) book building was fully subscribed within the first 5 seconds of opening on Monday, marking one of the fastest-ever book building transactions in the history of the Pakistan Stock Exchange (PSX). The IPO is being offered at a price band of Rs14.25 to Rs19.95 per share, while the book building process is scheduled for May 18 and 19, 2026. The company’s valuation for the IPO has been estimated at around $550 million, with management targeting to build it into a $1 billion company within the next two years. The IPO also comes at a time when Pakistan’s equity market is witnessing renewed investor interest in manufacturing and industrial companies linked to export growth and localisation opportunities.