SECP approves IPO of Agro Processors & Atmospheric Gases, to offer 15% stake on PSX

Profit reported that the Securities and Exchange Commission of Pakistan has approved the IPO of Agro Processors & Atmospheric Gases Limited, which is set to list on the Pakistan Stock Exchange. The company will offer 58,049,541 shares to the public through book-building, equal to 15% of its paid-up capital after the issue. Of these, 75% will be allocated to institutional and high-net-worth investors, leaving 25% for retail buyers.

Its product range includes spices, sauces, margarine, industrial fats, vanaspati and edible oils, covering manufacturing through to sales. The company intends to direct about 40% of the proceeds toward expanding refining capacity by a third, to 120,000 tons annually.

Substantial funds are also earmarked for a storage facility. Another share goes to investments in biomass and solar energy companies, with cost reduction as the goal.