Selmore Pharma Eyes Rs. 2 Billion IPO at PSX

Selmore Pharmaceuticals Ltd., a veterinary drugmaker, is seeking to list on the Pakistan Stock Exchange's Main Board via an initial public offering (IPO). The draft prospectus, published for public comment until October 5, 2026, proposes selling 48.61 million ordinary shares at a minimum price of Rs. 42 per share. The IPO aims to raise between Rs.

2.04 billion and Rs. 3.06 billion, with Rs. 1.87 billion intended for a new veterinary pharmaceutical formulation plant and Rs. 173.22 million for its first Active Pharmaceutical Ingredients (API) manufacturing facility. Both projects, set to be operational in FY2028, are estimated to cost Rs. 4.41 billion combined. The IPO will finance 46.29% of the total cost, with the remainder sourced from internal cash flows and bank loans.

Selmore's sales grew from Rs. 3.07 billion in FY2023 to Rs. 4.74 billion in FY2025, and profits after tax increased from Rs. 138.4 million to Rs. 192.3 million over the same period. The company's livestock segment constitutes 64.8% of sales, while poultry accounts for 35.2%. The API facility will facilitate backward integration and reduce dependence on imported raw materials, while the formulation plant aims to boost manufacturing capacity and improve production efficiency.