Wahdat Poultry Farms plans to raise PKR 637 million through an initial public offering on the Pakistan Stock Exchange, with the company’s prospectus now available for public comments on the exchange’s website.
Topline Securities, acting as lead advisor and arranger, launched the IPO process, under which the company will offer 53.1 million shares at a floor price of PKR 12 per share. The shares represent 15.84% of Wahdat’s post-IPO paid-up capital, according to the prospectus.
Vertically integrated egg producer
Wahdat Poultry Farms operates the “Farm Fresh Eggs” brand and is described as a prominent player in Pakistan’s growing packaged and enriched egg segment.
The company runs a fully vertically integrated business model that includes in-house feed production, its own packaging plant and a distribution network. The company said it is currently operating at full capacity.
Wahdat also has a presence across major cities through more than 1,500 retail outlets and supplies products to major retailers including McDonald’s, Imtiaz Super Market and Carrefour.
Strong financial growth
The company reported strong financial performance in recent years, with profit after tax and earnings per share growing at a compound annual growth rate of 70% between FY23 and FY25.
Export revenues grew at a 134% compound annual rate over the same period, while total revenue more than doubled between FY21 and FY25, the prospectus said.
Expansion into liquid eggs
Wahdat said it intends to use most of the funds raised through the IPO to enter the liquid pasteurized eggs segment, expanding its product portfolio.
The company said the offering is Shariah-compliant and is priced at a discount to comparable companies on price-to-earnings and price-to-book multiples.
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