This study examines the duration from the offering to the listing of IPOs issued on the Pakistan Stock Exchange (PSX) during the period lasting from 1995 to 2017. First, we analyze two regulatory regimes and identify that the listing process has improved under the SECP regime which eventually reduces the duration to listing. Second, this study explores the factors that contribute to a listing duration including the quality of an IPOs, price discovery, proportion of legal entity owned shares, market sentiment, the underwriter’s prestige, the age of the firm and the financial performance. Subsequently, we apply the Cox proportion hazards model to identify the determinants that affect the duration of IPOs. Third, this study extends the analysis to examine the importance of the regulatory regime and issuing year through frailty effects. Fourth, to examine the determinants of IPOs duration to listing we use the Extreme Bounds Analysis. Lastly, this study compares the findings with Brooks and Guo (2009) to identify and contrast the factors associated with IPO duration for developed and emerging economies. Moreover, this study confirms that the regulatory regime, offer price, ROA, price discovery mechanism, and hot activity period are the significant factors influencing the duration of IPOs in the Pakistani capital market.

这项研究研究了1995年至2017年期间从巴基斯坦证券交易所（PSX）发行股票到上市的持续时间。首先，我们分析了两种监管制度，并确定在SECP体制下上市过程得到了改善最终缩短了上市时间。其次，本研究探讨了影响上市持续时间的因素，包括IPO的质量，价格发现，法人所持股份的比例，市场情绪，承销商的声望，公司的年龄和财务业绩。随后，我们应用Cox比例风险模型来确定影响IPO持续时间的决定因素。第三，本研究扩展了分析范围，以检查监管制度和发行年限因脆弱性影响的重要性。第四，为了研究IPO持续时间的决定因素，我们使用了极限界限分析。最后，本研究将结果与Brooks and Guo（2009）进行了比较，以识别和对比与发达和新兴经济体的IPO时间相关的因素。此外，这项研究证实，监管制度，发行价格，ROA，价格发现机制和活跃期是影响巴基斯坦资本市场IPO持续时间的重要因素。