KARACHI: Investor confidence in Pakistan’s consumer sector is improving, and successful public offerings at the exchange demonstrate the resilience of the country’s capital market as well as the appetite for companies with strong fundamentals and brand equity.
These views were expressed by Ahmed Chinoy, shareholder director of the Pakistan Stock Exchange (PSX), at the gong ceremony held Tuesday to mark the listing of Agro Processors & Atmospheric Gases Limited (APAG), the manufacturer behind Soya Supreme oil.
“It is a privilege to welcome Agro Processors & Atmospheric Gases Limited to the Pakistan Stock Exchange. This gong ceremony marks the 12th listing of the calendar year and the fourth of the fiscal year, underscoring the strong momentum of Pakistan’s capital market.”
“With investor accounts now exceeding 630,000, driven by millennials and Gen Z, Pakistan’s capital market continues to expand its base and demonstrate long-term growth potential. We congratulate APAG and look forward to its continued success as part of the PSX family,” Chinoy added.
The company’s public offering comprised 58.049 million ordinary shares, representing 15 percent of post-IPO paid-up capital. Of this, 43.537 million shares were offered through the book-building process at a floor price of Rs32.00 and a ceiling of Rs44.80, with the strike price discovered at Rs33.00 per share. The book-building portion was oversubscribed 1.84 times, while the general public portion was oversubscribed 1.83 times, attracting Rs878 million against Rs479 million offered.
Ahmad Aziz Ghulamhussain, CEO of APAG, described the listing as a proud milestone and the beginning of a new chapter for the company.
He highlighted APAG’s ambition to strengthen its existing brands, expand into new categories and create greater value for its stakeholders.
“To now mark APAG’s listing on the Pakistan Stock Exchange is a significant milestone in our journey, but it is not the destination. It is the beginning of a new chapter. We are trusted by millions today, but our vision is to build brands that are trusted and used by billions of consumers around the world.”
