Citi Pharma clears Rs1–2bn IPO for veterinary subsidiary

Citi Pharma Limited has approved plans to float its wholly owned subsidiary, Citi Veterinary Pharma Limited, through an initial public offering aimed at raising between Rs1 billion and Rs2 billion, the company said in a notice to the Pakistan Stock Exchange on Tuesday.

The Board of Directors authorised the initiation of the IPO process and approved the appointment of K-Trade Securities Limited as consultant to manage the issuance and listing of the subsidiary.

Citi Veterinary Pharma Limited has been set up as a dedicated entity to manufacture veterinary-focused active pharmaceutical ingredients and finished pharmaceutical products for the local market.

Citi Pharma said the listing marks a strategic step to diversify revenue streams within the broader pharmaceutical space. The company expects to generate approximately Rs1.50 billion in revenue in FY26 from the trading of veterinary products.

Separately, the company recently expanded into real estate after securing approval from the Securities and Exchange Commission of Pakistan to establish a wholly owned REIT management subsidiary.

Under the proposed CITI REIT Management Company (Private) Limited platform, Citi Pharma plans three development projects: one at Hali Road in Lahore, a second on company-owned land at Khayaban-e-Zafar in Lahore, and a third on land near Islamabad International Airport.

The IPO move adds to a series of diversification initiatives by the pharmaceutical manufacturer beyond its core business.