Wahdat poultry plans Rs637 million IPO to fund expansion, egg processing plant

Wahdat Poultry Farm Limited has announced plans to raise about Rs637 million (approximately $2.3 million) through an initial public offering (IPO) on the Pakistan Stock Exchange (PSX), according to a prospectus issued to the exchange on Friday.

The company will offer 53.1 million ordinary shares, representing 15.84% of its post-IPO paid-up capital, at a floor price of Rs12 per share, which includes a premium of Rs10 per share.

Of the total amount, Rs600 million will be raised as fresh capital, while **Rs37.23 million will be generated through the sale of shares by sponsor shareholder Naved Ali Khan.

The IPO will follow the book-building mechanism, under which 70% of the shares will be allocated to institutional investors and high-net-worth individuals, while the remaining 30% will be offered to retail investors. The retail portion will be fully underwritten.

Topline Securities Limited has been appointed as the lead manager for the offering.

According to the prospectus, the company plans to use the proceeds primarily for capacity expansion and diversification into value-added egg products.

About Rs270 million will be invested in establishing a liquid egg pasteurisation plant, while Rs180 million will be allocated to expand poultry capacity by adding around 100,000 birds. The remaining Rs150 million will be used to support working capital requirements and the development of a farm licensing model.

Founded in 2006, Wahdat Poultry operates a vertically integrated poultry business involved in egg production, grading, packaging and distribution.

The company currently runs four automated layer farms with a capacity of about 430,000 birds, producing up to 400,000 eggs per day.

Its products are marketed under the “Farm Fresh Eggs” brand and distributed to approximately 1,500 retail outlets across major cities including Karachi, Lahore and Islamabad. The company also supplies eggs to multinational food chains and exports to selected international markets.

Financially, Wahdat Poultry has posted steady growth, with revenue rising from Rs1.23 billion in FY21 to Rs2.79 billion in FY25, while profit after tax reached Rs241.9 million in FY25.