Wahdat Poultry IPO Oversubscribed Five Times at PSX

The initial public offering (IPO) of Wahdat Poultry Farm Limited has witnessed substantial investor participation, with the book-building phase oversubscribed approximately five times during the bidding process at the Pakistan Stock Exchange (PSX).

The final strike price was determined at PKR 18 per share, representing a 50% premium over the established floor price of PKR 12. This pricing outcome followed the stock reaching its upper limit on the first day of the two-day Dutch auction mechanism.

According to disclosures by Topline Securities Limited, acting as the lead manager to the issue, investor demand on the first day alone reached approximately 182.22 million shares, significantly exceeding the offered quantity of 37.17 million shares.

Based on the finalized strike price of PKR 18, the company is projected to raise approximately PKR 955.84 million through the issuance of 53.10 million shares, compared to a minimum fundraising threshold of PKR 637.23 million at the floor price.

In terms of allocation, 70% of the offered shares are designated for institutional investors and high-net-worth individuals through the book-building process, while the remaining 30% will be made available to retail investors during the subscription period scheduled for April 27–28 at the determined strike price.

The book-building phase is set to conclude on April 22, following which the retail subscription process will proceed.

The company has indicated that the proceeds from the offering will be deployed toward capital expenditure and operational expansion, including the establishment of a pasteurisation facility, enhancement of poultry flock capacity, and fulfillment of working capital requirements related to procurement activities.

This IPO follows recent capital market activity within the poultry and agribusiness sector, notably the listing of Barkat Frisian Agro Limited, which successfully raised PKR 1.23 billion through the issuance of 67.74 million shares at the Pakistan Stock Exchange in February 2025.