Soya Supreme has become the second edible oil company to plan an initial public offering (IPO) in recent days. On Friday the 8th of September, company officials announced that Soya Supreme will be getting listed on the Pakistan Stock Exchange (PSX) and conducted an IPO, allowing consumers of their product to own shares in the company.
Soya Supreme was established in 1991, under the ownership of parent company Agro Processors and Atmospheric Gases (APAG). Thirty two years later, the company has become a popular consumer brand and is finally ready to go public. Ahmad Ghulamhussain, the CEO of APAG informed Profit that the IPO is expected to happen within the next six months.
The exact timing of the company’s IPO will be determined based on prevailing market conditions, Ghulamhussain disclosed in an interview with Reuters. It was further informed that the company’s board has granted authorisation to the management to engage Habib Bank Limited (HBL) and KTrade, a brokerage firm, to commence the IPO process.
When inquired about the fundraising target and subsequent valuation of the IPO, Ghulamhussain told Profit that, “It is a premature time to quote an exact target and comment on the size of the public offering, as the company is still awaiting a board approval on the matter.” He did, however, emphasise that Soya Supreme would not be selling existing shares, rather offering additional shares.
Soya Supreme’s reasons to opt for an IPO
One would imagine that any company going for...
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