Soya Supreme manufacturer APAG makes PSX debut

According to Business Recorder, Agro Processors & Atmospheric Gases Limited (APAG), the company behind the Soya Supreme brand, joined the Pakistan Stock Exchange on Tuesday during a gong ceremony at the exchange's headquarters. The public offer covered 58.049 million ordinary shares, equal to 15% of paid-up capital after the IPO. Of these, 43.537 million were allocated through book-building, with a floor price of Rs32, a ceiling of Rs44.80 and a strike price of Rs33 per share.

Demand ran ahead of supply in both segments, at 1.84 times in book-building and 1.83 times in the general public category. Bids worth Rs878 million came in against Rs479 million on offer. PSX shareholder director Ahmed Chinoy said the listing was the 12th in the calendar year and the fourth in the present fiscal year, and that investor accounts now stand above 630,000.

CEO Ahmad Aziz Ghulamhussain called the listing the start of a new phase and outlined plans to strengthen current brands, enter new product categories and reach new markets. The range also features an olive cooking oil under the Soya Supreme name, alongside Supremo, Taqat Margarine, Smart Sauces and Malta. KTrade Securities managing director Omar Salah Ahmed described APAG as a fresh addition to PSX's food sector and pointed to its 45-year operating history.