Wahdat Poultry Farm Limited, a major Pakistani egg producer, has announced plans to list on the Pakistan Stock Exchange (PSX) through an initial public offering (IPO).
The company aims to raise approximately Rs637 million (around USD 2.3 million) to fuel expansion and diversification into value-added products.
The IPO involves offering 53.1 million ordinary shares, equivalent to 15.84% of the post-IPO paid-up capital. It features a floor price of Rs12 per share, including a Rs10 premium.
Of the total proceeds, Rs600 million represents fresh capital injection into the company for growth initiatives, while Rs37.228 million comes from the sale of existing shares by sponsor shareholder Naved Ali Khan.
IPO Structure and Allocation
The offering will use a book-building mechanism. Seventy percent of shares target institutional investors and high-net-worth individuals, with the remaining 30% allocated to the general public. The retail portion is fully underwritten.
Topline Securities Limited serves as the lead manager and book runner. The prospectus was submitted to the PSX on Friday, March 13, 2026.
Company Background and Operations
Founded in 2006 and later incorporated as a public limited company, Wahdat Poultry operates as a vertically integrated poultry business. It focuses on egg production, grading, packaging, and distribution under the “Farm Fresh Eggs” brand.
The company runs four automated layer farms with a capacity of around 430,000 birds, yielding up to 400,000 eggs daily. Products reach about 1,500 retail outlets in major cities like Karachi, Lahore, and Islamabad. It also supplies multinational food chains and exports to select international markets.
Financial Performance and Growth Trajectory
Revenue has grown steadily from Rs1.23 billion in FY21 to Rs2.79 billion in FY25. Profit after tax stood at Rs241.9 million in FY25, reflecting solid operational performance.
Management views the IPO as a step to transition Wahdat into a high-value food-tech enterprise. The strategy prioritizes capital-efficient expansion to meet unmet market demand, enhance resilience, and drive sustainable growth.
Use of Proceeds and Expansion Plans
Rs270 million will fund a new liquid egg pasteurisation plant to enable value-added products. Another Rs180 million targets expanding poultry capacity by adding roughly 100,000 birds. The remaining Rs150 million supports working capital and development of a farm licensing model.
This move aims to diversify beyond traditional table eggs into processed offerings, capitalizing on rising demand for hygienic, value-added egg products in Pakistan.