By Digital Spartans 
Renewable energy company Ningbo Green Light Energy is preparing to enter Pakistan’s stock market through a Special Purpose Acquisition Company, potentially completing the country’s first SPAC transaction.
The company is awaiting court approval for a reverse takeover involving LSE SPAC-I Ltd., according to Chief Executive Officer Qasim Ningbo. If the transaction receives the required approval, the combination could be completed within weeks.
LSE SPAC-I was established as a subsidiary of LSE Capital Ltd. and raised Rs. 250 million through its initial public offering in May 2026.
Following the IPO, LSE SPAC-I used part of its proceeds to acquire a 19.04 percent stake in Ningbo Green Light Energy. The proposed transaction would allow the renewable energy company to become the listed operating entity on the Pakistan Stock Exchange.
The Pakistan Stock Exchange has already disclosed details of the proposed arrangement. Under the scheme, Ningbo Green Light Energy Limited would become the listed company following completion of the merger and would have a public or free float of up to 40 percent.
The PSX documents describe the arrangement as the first SPAC transaction in Pakistan under the framework established through the Public Offering Regulations. The transaction is designed to transfer the relevant assets, liabilities, rights and obligations of LSE SPAC-I into Ningbo Green Light Energy.
Shareholders of LSE SPAC-I would receive shares in Ningbo Green Light Energy through the proposed share-swap mechanism. The structure is intended to complete the SPAC’s principal objective of combining with its identified target company.
The development follows the first-ever listing of a SPAC on the Pakistan Stock Exchange. PSX records show that LSE SPAC-I began trading on the Main Board on May 11, 2026, under the symbol SPAC1.
A SPAC is a publicly listed company created specifically to raise funds and later combine with a private business. Instead of a conventional initial public offering, the operating company can become publicly traded through the merger or business combination.
For Ningbo Green Light Energy, the proposed transaction could provide access to Pakistan’s capital markets and create a listed platform for its renewable energy business.
The company operates in the solar energy sector and imports equipment used in renewable energy projects. Its planned listing comes as solar power continues to attract interest from residential and commercial users across Pakistan.
The proposed transaction is also taking place during a period of increased activity in Pakistan’s equity market. According to a Bloomberg report cited by local media, the country’s IPO market has recorded stronger activity in 2026, while the SPAC structure provides another potential route for growth-stage businesses to access capital markets.
If court approval is obtained and the proposed scheme is implemented, Ningbo Green Light Energy would become a listed renewable energy company on the PSX through the SPAC route.
The transaction would also establish a precedent for the use of Pakistan’s SPAC framework, potentially giving other growth-stage businesses another mechanism for accessing the public capital market.
For investors and market participants, the completion of the transaction will depend on the required legal and regulatory steps. The company’s transition to a PSX-listed entity will take place after the proposed scheme receives the necessary approvals and becomes effective.