The initial public offering (IPO) of Wahdat Poultry Farm Limited attracted strong investor interest, with the book-building phase oversubscribed five times during bidding at the Pakistan Stock Exchange (PSX). The strike price was set at Rs18 per share, marking a 50% increase from the floor price of Rs12, after the stock reached its upper limit on the first day of the two-day Dutch auction process. According to Topline Securities Limited, the lead manager of the issue, investors showed demand for 182.22 million shares on the first day against an offered volume of 37.17 million shares.
At the strike price of Rs18, the company is expected to raise Rs955.84 million through the sale of 53.10 million shares, compared to a minimum target of Rs637.23 million at the floor price. Out of the total shares, 70% are being offered to institutional and high-net-worth investors through the book building process, while the remaining 30% will be available to retail investors on April 27-28 at the strike price. The book building process is scheduled to conclude on April 22.
The company plans to use the proceeds to set up a pasteurisation plant, expand poultry flock capacity and meet working capital requirements for its procurement operations. The offering follows recent activity in the poultry sector, including the listing of Barkat Frisian Agro Limited, which raised Rs1.23 billion through the sale of 67.74 million shares at the Pakistan Stock Exchange in February 2025.