Ningbo Green share price loses 34% in four days at PSX

Ningbo Green Light Energy Limited's shares have plummeted by over 34% over the course of just four trading days since debuting on the Pakistan Stock Exchange (PSX). The company's stock closed at a low of Rs13.82 per share on Tuesday, down from its pre-listing price of Rs21.06 per share. The PSX granted the shares a gong ceremony to mark their listing, which took place on October 29, 2026.

On the fourth day of trading, investors exchanged 1.93 million shares of NGLEL. The PSX explained that the company's listing was the result of a backdoor listing, a process in which a private company becomes publicly traded by merging or acquiring an already publicly listed entity. The PSX also highlighted that this was Pakistan's first-ever Special Purpose Acquisition Company (SPAC) transaction.

NGLEL was originally targeted by LSE SPAC-I Limited, and the transaction was completed via a Scheme of Arrangement approved by the Lahore High Court on September 30, 2026. The SPAC, structured and facilitated by LSE Capital, led to the merger of LSE SPAC-I into NGLEL, allowing the solar energy company to gain a public listing. The swap ratio stipulated that for every share of SPAC1, shareholders of NGLEL received 1.50 shares of the newly listed company.

LSE SPAC-I, a subsidiary of LSE Capital Ltd., raised Rs250 million in May through an initial public offering, which it used to acquire a 19.04% stake in Ningbo Green Light Energy. The company's CEO, Muhammad Qasim, expressed pride in this achievement, stating that the listing would bolster the company's position in Pakistan's solar energy market and provide greater opportunities for expansion and long-term value creation for shareholders.