SOYASUP: Six Days, 11% Gain, Zero Rules Broken

According to Mettis Global, Agro Processors & Atmospheric Gases Limited, maker of Soya Supreme, listed on the Pakistan Stock Exchange on September 15, 2026, and insider filings around that date show a run of share sales. Danish Elahi, the company's second-largest shareholder with just over 20%, bought 95,936 shares at Rs33 on September 9, the IPO strike price. On listing day he sold 173,378 shares through the Negotiated Deal Market at Rs36.75 each, while Kiran Builders, a real estate firm he owns half of, sold its entire 11,893-share stake at the same price.

Over the same period, two executives, the Company Secretary and the Head of Internal Audit, bought small open-market lots at Rs30.12 to Rs30.22, about 18% below the negotiated price. Elahi's holding slipped from 20.42% to 20.38%, and the CEO had earlier said in writing that his stake fell under a right-of-first-refusal arrangement, not a lock-in. Mettis Global notes that the sponsor label triggers the restriction, while substantial shareholders escape it regardless of holding size.

The article also asks whether lock-in rules should follow the label a company gives its shareholders or the stake they actually hold. It presents SOYASUP as an example of a structural gap beneath book-built IPOs.