Blue-Ex Limited IPO has emerged as one of the most notable public offerings on the Pakistan Stock Exchange (PSX) in December 2025, attracting overwhelming investor interest and underscoring growing confidence in Pakistan’s logistics and courier services sector.
According to official data released on December 22, 2025, the initial public offering of Blue-Ex Limited (PSX: GEMBLUEX) received applications for 4,232,500 ordinary shares, significantly exceeding the issue size of 1,000,000 shares. The subscription process was conducted on December 16 and 17, 2025, and was compiled by CDC Share Registrar Service Limited.
Blue-Ex Limited IPO Subscription Highlights
The Blue-Ex Limited IPO witnessed participation from a broad base of retail investors, reflecting strong market sentiment toward growth-oriented companies listed on the Growth Enterprise Market (GEM) board.
A total of 3,156 applications were received during the public subscription period. The strongest demand was recorded in the “Above 2,000 Units” category, which accounted for 1,981,500 shares, making it the largest contributor to overall demand.
IPO Subscription Breakdown by Category
The IPO subscription attracted applications across multiple categories. In the 500-share category, 1,762 applications were received for a total of 881,000 shares, amounting to PKR 57.265 million. The 1,000-share category recorded 694 applications, with 694,000 shares applied for and an investment value of PKR 45.11 million.
In the 1,500-share category, 160 applications were submitted for 240,000 shares, translating into PKR 15.6 million. The 2,000-share category saw 218 applications for 436,000 shares, with a total amount of PKR 28.34 million. Applications above 2,000 units accounted for 322 applications, covering 1,981,500 shares and an investment of PKR 128.798 million.
Overall, the IPO received 3,156 applications for a total of 4,232,500 shares, with the cumulative subscription amount reaching PKR 275.113 million.
Blue-Ex Limited IPO Allotment and Balloting Details
Under the allotment framework announced for the Blue-Ex Limited IPO, investors applying for up to 500 shares will receive full allocation. Meanwhile, balloting for applications of 1,000 shares is scheduled to take place on December 23, 2025.
Applicants who applied for more than 1,000 shares will receive full refunds, as the excess demand in higher categories surpassed the allocated quota. This allocation structure ensures fair participation while prioritizing smaller retail investors.
Total Funds Raised Through Blue-Ex Limited IPO
The IPO generated a total subscription amount of Rs 275.11 million, highlighting strong liquidity inflows into Pakistan’s capital markets. Market analysts view the successful subscription as a positive signal for upcoming IPOs, particularly within the technology-enabled logistics and e-commerce support sectors.
Why the Blue-Ex Limited IPO Matters for Pakistan’s Capital Markets
The strong response to the Blue-Ex Limited IPO reflects renewed optimism among retail investors amid stabilizing macroeconomic indicators and improving market sentiment. It also underscores increasing investor appetite for growth-stage companies listed on PSX’s GEM board.
Blue-Ex Limited’s successful public debut positions it as a key player to watch in Pakistan’s evolving logistics ecosystem, particularly as e-commerce volumes continue to rise nationwide.
The Blue-Ex Limited IPO stands out as a strong close to Pakistan’s IPO calendar for 2025. With demand exceeding supply by more than four times, the offering reinforces confidence in Pakistan’s equity markets and highlights the growing appeal of logistics-driven business models among investors.
As balloting proceeds and listing approaches, market participants will be closely watching how GEMBLUEX performs post-listing on the Pakistan Stock Exchange.