Industrial giant FF Steel kicks off IPO journey

August 07, 2026 (MLN): In a major development for Pakistan's capital markets and industrial sector, Frontier Foundry Steel Limited (FF Steel) has formally kicked off its Initial Public Offering (IPO) journey.

The announcement was made during the SAFA International Future of Finance Conference 2026, held today at the Pearl Continental Hotel in Karachi.

FF Steel has officially signed a Letter of Mandate appointing a Financial Advisory Consortium (FAC) comprising AKD Securities Limited (AKDS) as Lead Consultant to the Issue and KTrade Securities Limited as Co-Lead Consultant to the Issue.

Under regulatory provisions, both entities will function as Joint Consultants to lead the company’s debut on the Pakistan Stock Exchange (PSX).

The signing marked the formal commencement of FF Steel's transition toward becoming a publicly traded manufacturer. The transaction involves raising equity capital through an Offer for Sale (OFS) / Initial Public Offering (IPO) via Book Building at an agreed floor price.

By opening up its equity to institutional and retail investors, FF Steel aims to:

• Broaden its shareholder base.
• Strengthen its balance sheet and capital position
• Drive expansion in Pakistan's steel and non-ferrous material manufacturing sectors

The mandate marks the formal start of FF Steel's IPO process and reflects the company's intent to broaden its shareholder base, strengthen its capital position, and take part in Pakistan's public capital markets as a listed manufacturer.

According to the signed agreement addressed to Mr. Fayyaz Ahmad Jarral, Executive Director at FF Steel, the Financial Advisory Consortium will oversee full-scope corporate advisory and investment banking services required for the listing.

Scope of Advisory Services

Appointment of Third Parties: Assisting in selecting legal counsel, share registrars, underwriters, translators for Urdu prospectuses, printers, and tax/accounting advisors.

Transaction Structuring & Valuation: Conducting operational and financial due diligence, developing a updated valuation model utilizing relative and absolute methodologies, and aligning historical performance with future expansion strategies.

Regulatory Compliance & Book Building: Managing regulatory filings with the Securities and Exchange Commission of Pakistan (SECP) and PSX, followed by leading the book building and public offer phases.

FF Steel, carrying the slogan Stronger and Safer Pakistan, holds a prominent position in the country’s metals and building materials industry.

Manufacturing Facilities & Capabilities

Lahore Unit 1 (Ferrous): Established in 2017 with a capacity of 21,000 tons/month (Direct Rolling), powered by an 80MW 132KV grid station and two 30-ton induction furnaces.

Peshawar Unit (Ferrous): Established in 1986 with a capacity of 12,000 tons/month, equipped with a 40MW 132KV grid station and two 15-ton induction furnaces.

Gujranwala Unit (Non-Ferrous): Established in 2022 with a capacity of 170 tons/month dedicated to copper extraction.

Product Innovation: FF Steel is a pioneer in Grade-80 steel bars in Pakistan, featuring a minimum yield strength of 80,000 psi and ultimate strength of 100,000 psi (33% stronger than Grade-60).

The company boasts credit ratings from VIS Credit Rating Company Limited and has supplied steel to flagship national infrastructure projects, including the Mohmand Dam, Diamer Basha Dam, Orange Line Metro Train, and major commercial landmarks.

High-Profile Corporate Governance

FF Steel operates under a highly experienced Board of Directors:

• Senator Nauman Wazir Khattak (Chairman & Non-Executive Director) – Aeronautical engineer, former PAF Squadron Leader, and former Member of the Senate of Pakistan.
• Zarak Khan Khattak (Chief Executive Officer & Executive Director) – Executive Director and President of IAP (2018–2021), member of UNICEF Pakistan Advisory Council, and Chairman of Steel Manufacturing Standing Committee (SCCI).
• Fayyaz Ahmad Jarral (Executive Director) – Experienced Chartered Accountant and US-qualified CMMA with 20 years of C-suite experience across the Bank of Khyber, NLC GHQ, and KEZDMC.
• Muhammad Adil Khattak – CEO of Attock Oil Refinery Ltd.
• Dr. Rubina Nauman – Former KPK Health Minister and former PAF Flight Lieutenant.
• Muhammad Shahab Khattak– CEO of Pavercraft Ltd. with 36 years of banking experience.
• Omar Asghar Khan– Managing Director of Afiniti and qualified Chartered Accountant.
• Dr. Arfa Sajjad – Educationist and CEO of International Study Coaching.

Industry analysts view FF Steel's upcoming IPO as a positive indicator for Pakistan’s industrial expansion, demonstrating growing confidence in utilizing public capital markets to fuel large-scale manufacturing growth.

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