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Karachi: Barkat Frisian Agro is set to initiate its initial public offering (IPO) with a book building phase starting on February 17, targeting high net worth individuals and institutional investors. The phase will last until February 18, allowing these investors to subscribe to the full issue size.
According to a statement by Barkat Frisian Agro Ltd, successful bidders will initially receive 75% of the shares, amounting to 50,801,250. The remaining 25%, or 16,933,750 shares, will be offered to retail investors during the general public subscription.
The book building process will commence at a floor price of Rs 13 per share. Depending on investor interest, the strike price may increase by Rs 18.20 per share, potentially enabling the company to raise Rs 1.23 billion.
Arif Habib Limited is serving as the lead manager and book runner for the IPO. Barkat Frisian Agro intends to sell a total of 67,735,000 ordinary shares during the IPO, with the public subscription period set for February 24 and 25.
Barkat Frisian Agro is recognized as Pakistan’s exclusive producer of pasteurized egg products. The funds raised will finance the construction of a new, advanced production facility at the Special Economic Zone in Faisalabad.
Currently, the company operates a manufacturing plant in Karachi, Pakistan’s commercial capital. The new facility aims to boost the production capacity of pasteurized eggs by 71%, from the current 17,000 tons to 29,000 tons per year.
The expansion is being undertaken to cater to increasing demand from both domestic and international customers.
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