$170 million raised in Pakistan's largest-ever IPO for Lucky Islamic Money Market Fund
ISLAMABAD: Lucky Investments Limited said on Wednesday it had successfully raised Rs50 billion ($170 million) during the Initial Public Offering (IPO) of its debut fund, the Lucky Islamic Money Market Fund, the largest ever mutual fund launch in Pakistan.
The Fund had declared the launch of its IPO for April 9, inviting all interested investors to become part of a historic interest-free, Shariah-compliant Pakistan initiative, as per a notice issued by the company.
'This landmark achievement marks an extraordinary milestone in Pakistan's financial sector, where investors nationwide demonstrated overwhelming confidence in the company's first Shariah-compliant offering,' Lucky Investments said in a statement.
'The record-breaking subscription underscores robust demand for Islamic financial products and firmly positions Lucky Investments' place as a promising new player in Pakistan's Asset Management Industry.'
Lucky Investments, a subsidiary of Pakistan's Lucky Group, focuses on investment and portfolio management across sectors like energy, real estate and manufacturing. Originally known as Interloop Asset Management Limited, the company was acquired by Yunus Brothers Group in December 2024 and rebranded as Lucky Investments Limited.
The company listed Lucky Islamic Money Market Fund as the first in a planned series of Shariah-compliant mutual funds set to be introduced by the company.
'We are profoundly grateful for the extraordinary trust placed in us by investors across Pakistan,' Lucky Investments Chief Executive Officer Mohammad Shoaib was quoted as saying in the statement.
'Breaking the national record with a Rs50 billion subscription in a single day is not just a milestone for Lucky Investments, but a testament to the growing strength of Islamic finance in our market.'
Shariah-compliant investments are gaining traction in Pakistan as investors seek ethical, faith-based financial solutions. Supported by a growing Islamic finance sector and regulatory backing from the Securities and Exchange Commission of Pakistan and the State Bank, the market continues to expand through mutual funds, sukuk, and Islamic banking products.
In 2024, Islamic banking in Pakistan held a significant market share, with assets and deposits accounting for approximately 19 percent and 24 percent of the overall banking industry, respectively, by the end of September.
The State Bank has set the target to increase the share of the Islamic banking system to 35 percent by 2025.
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