PSX clears Ghani Dairies book building for 104.2 million shares

Pakistan Stock Exchange and Securities and Exchange Commission of Pakistan have approved book building and prospectus for initial public offering of Ghani Dairies Limited, covering issuance of 104.2 million ordinary shares through book building and public subscription.

According to PSX notice dated January 27, book building will cover 75 percent of issue size, or 78.15 million shares, at floor price of Rs24 per share with maximum price band capped at 40 percent, translating into upper limit of Rs33.60 per share.

Registration of eligible participants with PSX will open from January 28 and close on February 3, while bidding will take place on February 2 and 3 during market hours. Eligible participants must complete one-time registration with PSX and submit expressions of interest to National Clearing Company of Pakistan Limited within designated time schedule.

Margin collection against bids will run from January 28 to February 3, with settlement for successful bidders and refunds for unsuccessful bids scheduled for February 4, as per NCCPL timetable attached with notice.

Ghani Dairies had earlier disclosed plans to raise around Rs2.5 billion through IPO to expand raw milk production capacity and fund growth initiatives, positioning listing as part of broader dairy sector expansion strategy outlined in its prospectus and earlier disclosures.

The IPO follows regulatory approvals and comes amid renewed interest in primary market offerings, with book building expected to set final offer price ahead of public subscription.

Ghani Dairies, launched in 2020 as part of the Ghani Group’s diversification, supplies its entire raw milk production to major dairy processors under long-term arrangements.

The company plans to use the IPO proceeds for herd induction, operational expansion, farm infrastructure upgrades and working capital. The prospectus states that milk production capacity is expected to increase from 17,840 tonnes per annum in FY26 to 33,570 tonnes in FY27, supported by the planned addition of 1,000 pregnant heifers and organic herd growth. Output is projected to reach 38,371 tonnes in FY28 as another 250 heifers begin milking.