Pakistan Stock Exchange Limited (PSX) has placed the draft prospectus of Aurion.AI Limited on its website for public comments as the artificial intelligence company moves forward with its proposed listing on the PSX Main Board. The public has been invited to submit comments on the draft prospectus by August 25, 2026, ahead of the proposed initial public offering.
Aurion.AI Limited plans to offer 150 million ordinary shares through the Book Building Method. The shares will represent 36.58% of the company’s total post IPO paid up capital. Each share carries a face value of PKR 5, while the issue has been structured with a floor price of PKR 5 per share.
Under the proposed pricing structure, the maximum price can reach 50% above the floor price, placing the cap at PKR 7.50 per share. Based on the floor price, the total issue size is valued at Rs750 million, while the maximum value at the cap price would reach Rs1.125 billion.
The proposed issue will be divided between institutional and eligible investors participating through book building and the general public. A total of 112.5 million shares, representing 75% of the issue, will be offered through the book building process. Eligible participants will submit bids according to the procedures specified in the draft prospectus.
The strike price for the issue will be determined at the level at which 75% of the shares offered through the book building portion are subscribed. Once the strike price is established, the remaining shares allocated to the general public will be offered at that price.
The general public portion consists of 37.5 million shares, representing the remaining 25% of the total issue. This portion will be offered to retail investors at the strike price and will be fully underwritten.
LSE Capital Limited and Growth Securities (Private) Limited have been appointed as the Joint Lead Managers for the proposed issue. Their role includes managing the offering process and supporting Aurion.AI in connection with its proposed listing on the PSX Main Board.
Dawood Equities Limited and Sherman Securities (Private) Limited are serving as underwriters for the retail portion of the offering. Dawood Equities has committed to underwrite 20 million shares, while Sherman Securities has undertaken to underwrite 17.5 million shares. Together, the two underwriters will cover the entire 37.5 million shares allocated to the general public.
At the floor price of PKR 5 per share, the combined underwriting commitment for the retail portion is valued at PKR 187.5 million. If the shares are priced at the maximum cap of PKR 7.50, the value of the combined underwriting commitment would increase to PKR 281.25 million.
Aurion.AI Limited was incorporated on January 6, 2026, making the proposed listing an offering by a newly established company. The draft prospectus identifies the offering as a greenfield project and highlights the higher level of risk associated with a company that does not have an established history of commercial operations.
The prospectus has accordingly advised prospective investors to conduct careful due diligence before making investment decisions. The greenfield status means investors will need to assess the company’s business plans, proposed operations and associated risks in the absence of a longer commercial operating record.
The placement of the draft prospectus for public comments represents an important step in Aurion.AI’s proposed capital market listing. PSX’s public consultation process allows stakeholders and interested parties to review the proposed offering structure and submit observations before further steps are taken toward the IPO.
The proposed offering will bring an AI focused company to Pakistan’s equity market if the listing proceeds as planned. Aurion.AI is seeking to raise capital through the issuance of 150 million shares, with the book building process expected to determine the final issue price within the specified PKR 5 to PKR 7.50 range.
The IPO structure provides for a clear division between book building and retail participation, with three quarters of the issue allocated to eligible participants and one quarter reserved for the general public. The retail portion has also been fully underwritten by Dawood Equities and Sherman Securities.
With public comments on the draft prospectus due by August 25, the proposed Aurion.AI offering is now under review as the company progresses toward its planned PSX Main Board listing. The final outcome will depend on the completion of the relevant regulatory and listing requirements.
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