January 06, 2024 (MLN): Pakistan's largest egg products manufacturer, Barkat Frisian Agro Ltd., is planning an initial public offering next month, as reported by Bloomberg.
This comes amid a stock market rally that has made the South Asian nation the best performer in Asia for 2024, according to a merchant banker.
The company, a joint venture between an arm of the homegrown Buksh Group and the Netherlands-based Frisian Egg Group, is looking to raise as much as 1.2 billion rupees ($4.3 million) through the offer.
Shahid Ali Habib, Chief Executive Officer at Arif Habib Ltd., lead manager and bookrunner for the transaction, shared this information.
The funds raised will be used to develop the company's new production plant at Faisalabad's special economic zone in central Punjab province, Habib said.
Barkat Frisian, which already has a plant in Karachi, aims to increase its annual production capacity to 29,000 tons from 17,000 tons at present to meet rising demand from domestic and overseas customers.
Karachi Stock Exchange's benchmark KSE-100 Index has jumped 8,200 points so far this year.
It is expected to advance by more than a quarter by the end of next year as the economy recovers with help from the International Monetary Fund's loan program and the currency stabilizes.
Barkat Frisian Agro manufactures and sells pasteurized eggs, egg yolks, egg whites, and customized egg-based products tailored for food manufacturers.
