Appointment of Lead Managers for Public Sukuk Issuance Programme by National Grid Company of Pakistan Limited

National Grid Company of Pakistan Limited (NGC) invites proposals for the appointment of Lead Managers for its listed public Sukuk issuance programme. This programme aims to establish a Shariah-compliant Sukuk financing facility through the debt capital market with a maximum programme size of up to PKR 100 billion and a maximum tenor of up to 10 years. The inaugural issuance is targeted up to PKR 20 billion, expected within 3 months from the transaction launch, subject to approvals and market conditions. Items being procured: - Structuring of Sukuk programme and individual tranches including Shariah-compliant structure, security package, and transaction mechanics - Coordination with Shariah advisers and obtaining Shariah approvals - Liaison with regulatory authorities for listing and approvals - Legal, financial, and commercial due diligence and transaction documentation - Establishment and coordination of Sukuk SPV structure and related requirements - Finalization of book building, issuance, and listing documentation - Coordination with credit rating agencies, trustees, paying agents, registrars, and other service providers - Development of pricing, investor targeting, distribution strategy, and investor outreach - Underwriting and placement support including book-building, allocation, and settlement - Execution of investor marketing and awareness campaigns for retail issuance - Post-issuance support including coordination with trustee, rating agencies, and service providers The scope requires expertise in financial structuring, Shariah compliance, regulatory coordination, and investor relations. Bidders must be registered on e-PADS and submit separate Technical and Financial Proposals electronically. Joint or consortium bids at the bidding stage are not permitted. Technical proposals will be evaluated first, and only technically qualified bidders will have their financial proposals opened. Eligibility criteria include a minimum technical score of 50 points based on underwriting commitment, track record of Sukuk/DCM transactions, experience with government and public sector entities, financial strength, deal team qualifications, post-issuance support, and retail distribution strategy. The procurement follows a Single Stage – Two Envelope procedure under open competitive bidding. The submission deadline is **26th October 2026 at 11:00 AM (PST)**, with technical proposal opening at 11:30 AM the same day. Financial proposal opening will be notified to qualified bidders via e-PADS. Bidders should ensure compliance with all PPRA rules and submit proposals through the e-PADS platform. Earnest Money, CDR, and other bid securities should be prepared as per the detailed RFP requirements. A practical tip for bidders: Carefully review the technical evaluation criteria and ensure your proposal clearly demonstrates your underwriting capacity, relevant experience, and Shariah compliance expertise to meet the minimum qualifying score. Early registration and familiarization with the e-PADS submission process will help avoid last-minute issues. This procurement offers a significant opportunity for financial institutions to participate in a landmark Sukuk issuance programme by a major national utility company, contributing to Pakistan's capital market development and Islamic finance sector.