Wahdat Poultry Farm Limited, an Islamabad-based vertically integrated layer-egg enterprise, has filed a draft prospectus with the Pakistan Stock Exchange (PSX) to launch an initial public offering (IPO). The company aims to raise up to Rs637 million at a floor price of Rs12 per share.
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The move initiates the formal process for listing on the PSX main board. The prospectus, circulated under PSX notice PSX/N-306, invites public comment until March 24, 2026, before proceeding to the next stage.
IPO Structure
The offering is structured in two parts:
- Fresh Issue: 50 million new shares to raise capital for expansion
- Offer for Sale: 3.1 million shares offered by founding sponsor Naved Ali Khan
Together, these two tranches represent 15.84% of the company’s post-IPO paid-up capital at the floor price. The share price may be discovered through book building at up to 50% above the floor, implying a potential ceiling of Rs18 per share and a maximum raise approaching Rs956 million.
Use of Proceeds
The fresh issue proceeds of Rs600 million (excluding the offer for sale portion) will be deployed as follows:
- Rs270 million (45%): Construction of a liquid egg pasteurisation plant in Sargodha’s Bhalwal Industrial Zone, processing raw eggs into liquid products for food manufacturers, bakeries, and institutions
- Rs180 million (30%): Rearing an additional 100,000 birds through an asset-light leased facility model
- Rs150 million (25%): Working capital and rollout of a farm licensing (franchise) model
The pasteurisation plant, to be equipped with machinery from Sweden, Italy, and China, is projected to process 1.4 million litres of liquid egg in FY2027, scaling to 2.58 million litres by FY2028.
Company Overview
Wahdat Poultry commands approximately half of Pakistan’s nascent packaged and enriched-egg market. The company markets its eggs domestically under the brand name Farm Fresh Eggs and for export as Wahda Eggs.
What distinguishes Wahdat from Pakistan’s largely unorganised poultry sector is its vertical integration:
- In-house feed mill (80,000 kg/day capacity, currently 50% utilized)
- Pulp-fibre egg packaging manufacturing (25,000 boxes/day, 38% utilized)
- Temperature-controlled distribution fleet (17 vehicles)
- Regional distribution centers in Karachi, Lahore, and Islamabad
- Direct delivery to approximately 1,500 retail outlets nationwide
Operations and Capacity
The company operates four fully automated layer houses across two sites in Sargodha district:
- Chak 24: Two sheds with Big Dutchman equipment (Germany), housing 200,000 birds
- Chak 75: Two sheds with Tecno machinery (Italy), housing 230,000 birds
Total installed capacity stands at 430,000 birds, with peak output reaching 400,000 eggs per day. As of the prospectus filing, all facilities operate at 100% capacity utilization.
Wahdat achieves differentiated nutrition by modifying layer hen feed—a non-invasive, scalable method verified through third-party laboratory testing.
Financial Performance
Wahdat’s financial history over the five full fiscal years ending June 2025 shows remarkable growth:
| Metric | FY2021 | FY2025 | CAGR |
|---|---|---|---|
| Revenue | Rs1.23bn | Rs2.79bn | 22.7% |
| Profit After Tax | Rs242mn | 39.8% |
Margins temporarily deteriorated in FY2022 and FY2023 during a period of global commodity inflation that drove feed costs sharply higher. Feed accounts for 63% to 74% of the company’s cost of goods sold.
Key Institutional Shareholder
The IPO marks a significant milestone for Karandaaz Pakistan, a financial inclusion body backed by the UK’s Foreign, Commonwealth & Development Office and the Bill & Melinda Gates Foundation. Karandaaz holds a 22.97% post-IPO stake and sits as the company’s largest single external shareholder.
Company Background
- Founded: 2007 (as AOP); Incorporated February 7, 2019
- Converted to Public Limited: December 11, 2025
- Headquarters: Office 1-2, Shah Tower, E-11/2, Islamabad
- CEO: Air Marshal (Retd) Aurangzeb Khan
- CFO: Atif Shiraz
- Certifications: ISO 22000:2018, FSSC22000 v6, HACCP, Halal, McDonald’s SQMS
Stock Split
The shares being offered carry a face value of Rs2, following a 1:5 stock split effective January 5, 2026 (reduced from Rs10). The split was conducted to improve retail accessibility and widen the potential investor base.
IPO Mechanism and Advisors
The IPO will be conducted through a hybrid mechanism:
- Book Building (70%): 37.17 million shares for institutional and high-net-worth investors (minimum bid Rs2 million)
- Retail (30%): 15.93 million shares for the general public at the discovered price (floor Rs12)
Lead Manager & Financial Advisor: Topline Securities Limited
Underwriters (Retail Tranche): Dawood Equities (12mn shares), Topline Securities (2mn shares), Growth Securities (1.93mn shares)
Legal Advisor: Haidermota & Co.
Auditor: RSM Avais Hyder Liaquat Nauman, Chartered Accountants
