Agro Processors & Atmospheric Gases Ltd., a Karachi-based manufacturer of cooking oil, has announced plans to launch an initial public offering this month with a target of up to 2.6 billion rupees (about $9 million), Chief Executive Officer Ahmad Aziz Ghulamhussain said in an interview last month.
Management outlined how the company intends to allocate the capital. Approximately 40% of the expected proceeds will be used to expand refining capacity - increasing annual capacity by one third to a total of 120,000 tons. The offering will also fund construction of a storage facility and support investments in biomass and solar energy aimed at lowering operating costs.
"We need those funds to be able to accelerate our growth and also accelerate those projects," Ghulamhussain said, explaining the rationale for pursuing external financing through the public markets.
The company, which markets cooking oil under the Soya Supreme brand, has recently broadened its consumer product lineup to include mayonnaise, ketchup and chili sauce. Chief Financial Officer Amyn Rafiq said the company expects revenue and profits to almost double by fiscal 2029.
Ktrade Securities Ltd. has been appointed as the lead manager for the transaction.
The planned offering comes amid an active year for Pakistani listings. Ten deals have already been completed in 2026, making it the busiest year on record for initial public offerings in the country.
Offer details and planned use of proceeds
- Target size: up to 2.6 billion rupees (about $9 million).
- Planned allocation: roughly 40% to refinery capacity expansion to 120,000 tons per year; remaining funds for storage and investments in biomass and solar energy.
Business developments
- Product expansion: new consumer items include mayonnaise, ketchup and chili sauce, alongside the Soya Supreme cooking oil brand.
- Financial outlook: management projects revenue and profits to almost double by fiscal 2029, according to the CFO.