Agro Processors & Atmospheric Gases launches IPO to fund expansion

Agro Processors & Atmospheric Gases Limited (APAG), the manufacturer of the Soya Supreme cooking oil brand, is launching an initial public offering (IPO) on the Pakistan Stock Exchange. The company plans to offer 58 million shares, representing a 15% stake, with a floor price of Rs32 per share. The book-building process is underway, with public subscription scheduled for September 3-4.

APAG intends to use the proceeds, estimated between Rs1.8 billion and Rs2.6 billion, to modernize its production facilities, expand solar capacity, and install a biomass boiler to reduce energy costs. The company aims to increase its oil production capacity from 90,000 tons to 120,000 tons.

Beyond domestic upgrades, APAG is targeting an export goal of $25 million within three years. CEO Ahmad Ghulam Hussain stated that the company plans to expand its market presence into the Middle East, including Qatar and the UAE, as well as North America and Europe.