Soya Supreme manufacturer APAG makes PSX debut

Agro Processors & Atmospheric Gases Limited (APAG), a manufacturer of Soya Supreme cooking oil and banaspati, officially joined the Pakistan Stock Exchange (PSX) on Tuesday night. The company's public offering consisted of 58.049 million ordinary shares, making up 15% of its post-IPO paid-up capital. Of this, 43.537 million shares were distributed through a book-building process, with a floor price of Rs32 and a ceiling of Rs44.80. The strike price was ultimately determined at Rs33 per share.

The book-building offering was oversubscribed by 1.84 times, while the general public portion was oversubscribed by 1.83 times, generating Rs878 million against the initially offered Rs479 million. Ahmed Chinoy, Shareholder Director of PSX, remarked that APAG's listing marked the 12th listing of the year and the fourth of the current fiscal year, highlighting the robust momentum of Pakistan's capital market.

The IPO drew participation from both institutional and retail investors, and the 58-million-share offering was oversubscribed nearly two times.

APAG CEO Ahmad Aziz Ghulamhussain stated that the listing represented a new chapter for the company, which boasts a diverse portfolio including Soya Supreme Cooking Oil, Banaspati, Soya Supreme Olive Cooking Oil, Malta, Smart Sauces, Supremo, and Taqat Margarine. Ghulamhussain expressed APAG's intention to bolster its existing brands, venture into new categories, and create greater value for its stakeholders. The listing ceremony concluded with the ringing of the PSX Gong.