Barkat Frisian IPO oversubscribed, hits maximum price on opening day

Barkat Frisian Agro Limited – a joint venture of Frisian Egg Group of Netherlands and Pakistan’s Buksh Group – hit the maximum price limit of Rs18.20/share on the first day of the Dutch auction, raising equity worth totalling at Rs1.23 billion through selling 67.74 million shares at the Pakistan Stock Exchange (PSX) on Monday.

This was second initial public offering (IPO) of the year 2025, after Zarea Limited, one of Pakistan’s largest commodities B2B platforms, raised Rs1.03 billion by selling 62.5 million shares last week.

Barkat Frisian opened the bidding (book-building) process on Monday at the minimum (floor) price of Rs13/share. It rose by the maximum allowed limit of 40%, hitting cap price/strike price at Rs18.20/share, according to Shahid Ali Habib, CEO, Arif Habib Limited (AHL) – the lead manager and book runner for the IPO.

Accordingly, the company raised additional equity worth almost Rs353 million against the set minimum target of Rs880 million, receiving total equity worth Rs1.23 billion.

The issue size of 67.74 million shares got oversubscribed by 4.77-time in value-term, attracting total bids worth Rs4.20 billion against the minimum set target of Rs880 million at the floor price of Rs13/share, according to AHL.

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Despite the company successfully sold all the allotted shares at the maximum possible price, the PSX would still hold the bidding on second of the two-day book-building process of the IPO on Tuesday.

Established in 2017, Barkat Frisian specialises in high-quality pasteurised egg products, including whole eggs, yolks, whites, and derivatives, catering to the HoReCa (hotel, restaurant, and cafe) sector, sauces, & mayonnaise industry, as well as the baking & confectionery market.

According to Shahid Ali Habib, the company will use proceeds from the IPO to establish a new production facility in Faisalabad.