Soya Supreme is preparing an initial public offering (IPO) at the Pakistan Stock Exchange as it eyes expansion into the Middle East and North Africa, Reuters reported on Friday.
Founded in 1991, Soya Supreme will select the date of the IPO based on market conditions, according to CEO of Agro Processors & Atmospheric Gases (APAG) Ahmad Ghulam Hussain. APAG is the parent company of Soya Supreme.
The APAG top executive said the board has allowed the Company to appoint Habib Bank Limited (PSX: HBL) and KTrade as managers to the offer and start the process of going public. Hussain didn’t specify the raise or the valuation but ruled out the sale of existing shares.
If everything proceeds on schedule, this would be the second IPO for PSX this year marked by economic and political instability. Pertinently, the first public listing this year was of Symmetry Group Limited (PSX: SYM). The tech firm was officially listed at PSX on September 1, 2023.
Soya Supreme has already made big strides in the field of specialized industrial fats to meet demand from local food firms despite import restrictions. According to the APAG CEO, Soya is exporting specialized fats to the Middle East and North Africa.
The business also sells sauces in addition to cooking oil.