Soya Supreme manufacturer APAG makes PSX debut
- This gong ceremony marks the 12th listing of the calendar year and the 4th of the fiscal year
Agro Processors & Atmospheric Gases Limited (APAG), the manufacturer of Soya Supreme cooking oil and banaspati, was listed on the Pakistan Stock Exchange (PSX) on Tuesday following a gong ceremony at the PSX headquarters.
The company’s public offering comprised 58.049 million ordinary shares, representing 15% 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 and ceiling of Rs44.80, with the strike price discovered at Rs33 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.
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Speaking at the ceremony, Ahmed Chinoy, Shareholder Director of PSX, said APAG’s listing was the 12th on the PSX calendar year and the fourth of the current fiscal year.
“This gong ceremony marks the 12th listing of the calendar year and the 4th of the fiscal year, underscoring the strong momentum of Pakistan’s capital market.”
He said the IPO attracted participation from both institutional and retail investors, with the 58-million-share offering being oversubscribed nearly two times.
“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.”
APAG CEO Ahmad Aziz Ghulamhussain said the listing marked a new phase for the company.
APAG has a portfolio that includes Soya Supreme Cooking Oil and Banaspati, Soya Supreme Olive Cooking Oil, Malta, Smart Sauces, Supremo and Taqat Margarine.
Looking ahead, Ghulamhussain highlighted APAG’s ambition to strengthen its existing brands, expand into new categories and create greater value for its stakeholders. “Our ambition goes well beyond the brands and markets we serve today. We want to continue expanding our portfolio and taking our brands to new markets.”
Omar Salah Ahmed, Managing Director of KTrade Securities Limited, said APAG was a new addition to the food sector at PSX and noted the company’s 45-year operating history.
The listing ceremony concluded with the ringing of the PSX Gong.
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