Pakistan’s largest egg products manufacturer, Barkat Frisian Agro Ltd., is gearing up for an initial public offering (IPO) next month, aiming to capitalise on a stock market rally that has made Pakistan the top-performing market in Asia for 2024.
The company, a joint venture between the Pakistan-based Buksh Group and the Netherlands’ Frisian Egg Group, plans to raise up to 1.2 billion rupees ($4.3 million) through the IPO, according to Shahid Ali Habib, CEO of Arif Habib Ltd., the transaction’s lead manager and book-runner.
Proceeds from the IPO will fund the construction of a new production facility at Faisalabad’s special economic zone in Punjab. This will enable Barkat Frisian to increase its production capacity from the current 17,000 tons to 29,000 tons annually, catering to growing domestic and international demand. The company already operates a plant in Karachi.
The IPO comes as the Karachi Stock Exchange’s benchmark KSE-100 Index has surged by 8,200 points this year, driven by economic stabilization and confidence restored through the International Monetary Fund’s loan program. Analysts expect the index to advance by over 25% by the end of next year as the recovery gains pace.
Specialising in pasteurised eggs, yolks, whites, and customised egg-based products for the food industry, Barkat Frisian Agro serves as a key player in Pakistan’s agri-based export sector. With this IPO, the company seeks to cement its position in the market and leverage the booming investor sentiment to fuel growth.
