Islamabad, Feb 9: Barkat Frisian Agro Limited, a joint venture between the Netherlands-based Frisian Egg Group and Pakistan’s Buksh Group, is preparing for its initial public offering (IPO) on the Pakistan Stock Exchange (PSX), aiming to raise up to Rs1.23 billion. The IPO’s book-building process is scheduled for February 17-18, with public subscription to follow on February 24-25.
The Securities and Exchange Commission of Pakistan (SECP) and PSX have both approved the company’s prospectus, clearing the way for the listing. Arif Habib Limited has been appointed as the lead manager and book runner for the IPO. The company intends to sell 67.7 million ordinary shares at a floor price of Rs13 per share, using a 100% book-building process.
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Barkat Frisian Agro is the largest producer of pasteurized egg products in Pakistan, offering liquid eggs, egg whites, egg yolks, and other egg-based solutions to the food manufacturing sector. With a production facility already operating in Karachi, the company plans to use the funds raised from the IPO to build a new state-of-the-art plant in Faisalabad’s Special Economic Zone.
The new facility will significantly boost the company’s production capacity, increasing it by 71% from 17,000 tons to 29,000 tons annually. This expansion is seen as essential to meeting the growing demand for processed and pasteurized eggs, both locally and internationally. Barkat Frisian Agro’s CEO, Muhammad Adil, highlighted the importance of this development, noting the shift in Pakistan’s food processing industry toward pasteurized egg products for enhanced quality and safety compliance.
Under the terms of the IPO, institutional and high-net-worth investors can participate in the book-building phase, with 100% of the offered shares available to them. However, only 75% (50.8 million shares) will be allocated to these investors, while the remaining 25% (16.9 million shares) will be offered to retail investors during the public subscription phase. The final strike price will be set based on the level of subscription during the book-building process.
This IPO marks a significant step for Barkat Frisian Agro in its efforts to capitalize on the growing demand for processed eggs in the food industry, highlighting the company’s expanding role in Pakistan’s agricultural and food processing sector.
