Wahdat Poultry hatches Rs637m IPO plan

March 13, 2026 (MLN): Wahdat Poultry Farm Limited, an Islamabad-based vertically integrated layer-egg enterprise that commands roughly half of Pakistan's nascent packaged and enriched-egg market, filed a draft prospectus with the Pakistan Stock Exchange (PSX) on March 13, 2026.

The move initiates the process for an initial public offering that could raise up to Rs637 million at the floor price of Rs12 per share.

The prospectus, circulated under PSX notice PSX/N-306, invited public comment until March 24, 2026, before the listing proceeds to the main board.

The offering is structured as a combination of a fresh issue of 50 million shares, designed to fund a pasteurisation plant, flock expansion, and working capital, and an offer for sale of 3.1 million shares by founding sponsor Naved Ali Khan.

Together, the two tranches constitute 15.84% of the post-IPO paid-up capital at the floor price.

The share price may be discovered through book building at up to 50% above the floor, implying a potential ceiling of  Rs18 per share and a maximum raise approaching Rs956 million.

It also marks a significant milestone for Karandaaz Pakistan, a financial inclusion body backed by the UK's Foreign, Commonwealth & Development Office and the Bill & Melinda Gates Foundation, which holds a 22.97% post-IPO stake in the company and sits as its largest single external shareholder.

 Wahdat Poultry Farm traces its origins to 2007, when it began operations as an association of persons (AOP) in the fertile agricultural belt of Sargodha, Punjab.

It was incorporated as a private limited company on February 7, 2019, and converted to a public limited company just weeks before the IPO filing, on December 11, 2025.

The company is led by CEO Air Marshal (Retd) Aurangzeb Khan and CFO Atif Shiraz, and markets its eggs under the brand name Farm Fresh Eggs domestically and Wahda Eggs for export markets.

Today, the company operates four fully automated layer houses across two sites in Sargodha district. Two of the sheds, built with Big Dutchman equipment from Germany, are located at Chak 24 and house 200,000 birds.

Two more, fitted with Tecno machinery from Italy, are located at Chak 75 and accommodate 230,000 birds. Combined installed capacity stands at 430,000 birds, with peak output reaching 400,000 eggs per day.

As of the prospectus filing, all four facilities operate at 100% capacity utilisation.

What distinguishes Wahdat from the bulk of Pakistan's poultry industry, an overwhelmingly unorganised sector, is its vertical integration.

The company runs its own in-house feed mill capable of producing 80,000 kilograms per day (currently 50% utilised) and manufactures its own pulp-fibre egg packaging at 25,000 boxes per day (38% utilised).

It maintains a temperature-controlled distribution fleet of 17 vehicles and operates regional distribution centres in Karachi, Lahore, and Islamabad, delivering directly to approximately 1,500 retail outlets nationwide.

Company at a Glance

 Wahdat's product portfolio is built around the proposition that eggs can be engineered to deliver targeted nutritional benefits, a concept that remains largely unfamiliar to Pakistani consumers accustomed to commodity eggs sold by weight or count.

The single largest use of proceeds, Rs270 million, or 45%, is earmarked for a liquid egg pasteurisation plant to be built at the Bhalwal Industrial Zone in Sargodha.

The plant will process raw eggs into liquid egg products suitable for food manufacturing, bakeries, and institutional kitchens,  a segment that represents a structural step up the value chain.

Processing equipment will be sourced from Sweden, Italy, and China, while civil works spanning 17,360 square feet will be constructed on one acre of land already acquired.

The facility is projected to process 1.4 million litres of liquid egg in FY2027, scaling to 2.58 million litres by FY2028.

A further Rs180 million will fund the rearing of an additional 100,000 birds through an asset-light leased facility model, expanding the flock without the capital intensity of constructing a new owned shed.

The remaining Rs150 million will support working capital needs and the roll-out of a farm licensing model, a franchise-like structure under which third-party farms would produce to Wahdat's standards in exchange for feed, technical support, and marketing access.

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