Barkat Frisian Agro IPO’s book building phase will start (today) on 17th February and continue till 18th February where high net worth individuals and institutional investors will subscribe to 100 percent of the issue size.
The successful bidders, however, will be provisionally allotted only 75% of the issue size, i.e., 50,801,250 shares, and the company will offer the remaining 25% or 16,933,750 shares to the retail investors through the general public subscription.
The book building will start at the floor price of Rs 13 per share. Based on the interest from investors during the book building process, the strike price can rise by Rs 18.20 a share, thus helping the company collect Rs 1.23 billion.
Arif Habib Limited is the lead manager and book runner for the IPO.
The Barkat Frisian Agro plans to raise up to Rs 1.23 billion through selling 67,735,000 of its ordinary shares in the IPO. The public subscription dates are 24th and 25th February.
Barkat Frisian Agro is Pakistan’s sole manufacturer of pasteurized egg products.
The fund raised from equity investors will be used for building a new state-of-the-art production facility at the Special Economic Zone of Faisalabad.
The company is currently operating a manufacturing plant in Pakistan’s commercial capital Karachi, and the new plant will increase its pasteurized eggs’ production capacity by 71% to 29,000 tons per year from the existing 17,000 tons.
The new plant is being set up to meet rising demand from the company’s domestic and overseas customers.
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