Soya Supreme, one of Pakistan’s leading cooking oil makers, is preparing an initial public offering (IPO) in order to grow into the Middle East and North Africa,.
It would be the second IPO for the Pakistan Stock Exchange (PSX) in a volatile year marked by economic and political instability ahead of a general election and interest rates at an all-time high.
There were only three public listings in 2022, raising Rs1.3 billion ($4.3 million) – the lowest amount in nine years.
Soya Supreme, founded in 1991, will decide when to go public dependent on market conditions, according to Agro Processors & Atmospheric Gases (APAG) CEO Ahmad Ghulam Hussain, the parent business of the brand Soya Supreme.
“The board has authorized management to appoint HBL and KTrade to begin the IPO process,” he said.
He did not, however, reveal how much the firm is attempting to raise or the valuation, stating that both are subject to board approval, but he did state that no current shares would be sold.
Pakistani manufacturing rely on foreign raw materials, and $3.7 billion in soybeans and palm oil will be imported in 2022.