Ghani Dairies IPO oversubscribed 3.1 times as strike price set at Rs33

Ghani Dairies Limited’s initial public offering (IPO) was oversubscribed by 3.10 times during the book-building process, with investors placing bids worth Rs5.817 billion against an issue size of Rs1.876 billion, according to documents submitted to Pakistan Stock Exchange.

The strike price for the shares was set at Rs33 per share, above the floor price of Rs24, following the book-building conducted on February 2 and 3, 2026, JS Global Capital Limited informed PSX in a formal communication dated February 4.

A total of 771 investors participated in the book-building process, of which 223 were successful. The IPO comprised 78.15 million shares allocated to institutional and high-net-worth investors.

Mutual funds received the largest allocation, securing 28.47 million shares, followed by high-net-worth individuals with 26.40 million shares. Commercial banks were allotted 5.57 million shares, while insurance companies received 4.88 million shares. Other institutional investors were allocated 5.42 million shares, employees’ provident and pension funds 2.54 million shares, securities brokers 1.89 million shares, and development financial institutions 2.98 million shares.

Under the issue structure, 26.05 million shares were underwritten by JS Global Limited and BankIslami Pakistan Limited, with each institution underwriting 13.03 million shares. The total amount underwritten stood at Rs859.65 million. Underwriting commission was set at 1.0 percent, with a take-up commission of 1.0 percent.

Following completion of the book-building, a supplement to the prospectus was published in newspapers to disseminate information to investors, as required under Public Offering Regulations, 2017.

Ghani Dairies Limited is being listed on Pakistan Stock Exchange through the book-building mechanism, with the IPO marking another equity market transaction amid rising investor participation in primary market offerings.