Wahdat Poultry Farm lists on PSX Main Board after IPO completion
Company raises ₨956 million through IPO as book-building portion closes 5.2 times oversubscribed and share price settles at ₨18 against ₨12 floor price
The Pakistan Stock Exchange (PSX) on Friday held a gong ceremony to mark the listing of Wahdat Poultry Farm Limited on the PSX Main Board following the completion of its initial public offering (IPO).
The company raised ₨956 million through the book-building and public subscription process, with the strike price set at ₨18 per share against a floor price of ₨12 per share. The IPO attracted strong investor participation, with the book-building portion oversubscribed 5.2 times and the retail segment oversubscribed 1.2 times.
According to details shared at the ceremony held at the PSX Trading Hall, 2,731 retail investors participated in the public subscription phase, while 81 individual and 24 institutional investors took part in book-building.
Chairman PSX Ruhail Muhammad said the listing reflected growing interest from food and agriculture companies in accessing capital markets. He said Pakistan’s farming and agri-processing sector held significant untapped potential and the listing demonstrated that such businesses could raise expansion capital through the stock exchange.
Chief Executive Officer of PSX Farrukh H. Sabzwari said the listing highlighted continued activity in Pakistan’s capital market. He said the KSE-100 Index delivered a one-year dollar return of 58.09%, ranking second among regional markets, while annualised returns over three and five years stood at 63.21% and 16.28%, respectively.
Topline Securities Limited acted as advisor and lead manager for the IPO.
Topline Chief Executive Officer Mohammed Sohail said the response from investors reflected demand for new listings in Pakistan’s equity market and added that Wahdat Poultry’s listing could encourage more agricultural businesses to access public financing.
Chief Executive Officer of Wahdat Poultry Farm Limited Air Marshal (Retd) Aurangzeb Khan said the listing marked a new phase for the company by strengthening its financial position and increasing its commitment to transparency and corporate governance standards.
PSX said the successful listing reflected continued participation by institutional and retail investors in Pakistan’s capital markets.
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