Barkat Frisian Agro utilizes 12% of IPO funds by June 2025

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MG News | October 06, 2025 at 02:15 PM GMT+05:00

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October 06, 2025 (MLN): Barkat Frisian Agro Limited (PSX: BFAGRO) has utilized 12.02% of the total allocated IPO funds, maintaining steady progress on its flagship egg processing plant in Faisalabad, according to the Progress Report by the Company. 

According to the report submitted under the Public Offering Regulations 2017, the company raised gross proceeds of Rs1.23 billion through its Initial Public Offering (IPO) in February 2025, out of which Rs1.16 billion were net proceeds after issuance costs.

Out of the total allocations, Rs807.4 million (91.7%) were earmarked for project development, covering plant and machinery, civil works, mechanical and electrical installations, and infrastructure support, while Rs73.15 million (8.3%) were utilized for loan repayment related to project financing.

The company also raised Rs280.61 million above the floor price to support additional working capital needs.

As of June 30, 2025, civil works and land development accounted for the largest fund utilization, standing at 36.55%, followed by plant and machinery (5.13%) and project support infrastructure (3.26%).

The mechanical and electrical installation segment is yet to commence but is scheduled for execution in the first half of FY26.

The report highlights that letters of credit (LCs) for PEB steel structures and food-grade sandwich panels have been opened, with deliveries expected in the first quarter of FY26.

Procurement contracts for the egg processing machinery have also been finalized, with expected arrivals in the second quarter of the same fiscal year.

Construction activities, including land filling, levelling, and boundary wall completion, are progressing as planned, with major civil expenditures already disbursed.

Meanwhile, initial payments have been made toward consultancy and certifications under project support costs.

The company confirmed that it has fully repaid the sponsor loans amounting to Rs73.15 million, leaving no outstanding project-related debt.

Management reiterated its confidence in completing the project within the stipulated timelines as disclosed in the IPO prospectus, noting that early-stage land development activities are time-intensive but require relatively lower financial outlay.

Copyright Mettis Link News

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