Soya Supreme Maker APAG Offers 15% Stake As Public Subscription Opens Next Week.
✧ GENERATE BRIEFING +
Agro Processors & Atmospheric Gases Limited, the renowned Karachi-based manufacturer of Soya Supreme, is officially offering a 15% equity stake to the general public through an initial public offering of approximately 58 million shares. The book-building phase successfully took place on August 27–28, establishing a floor price of Rs32 per share to raise Rs1.86 billion, with a maximum price cap of Rs44.80 capable of generating up to Rs2.60 billion in proceeds. Public subscription is formally scheduled to run from September 3 to September 4, 2026. While edible oil and ghee constitute about 86% of total revenue—supplemented by margarine, sauces, and by-products—the company maintains a current refining capacity of 90,000 tons annually. Management has earmarked the IPO proceeds for plant balancing, modernisation, and rehabilitation (BMR), working capital expansion, and aggressive marketing. Retail investors will discover the final strike price determined during book-building when the public offer opens on September 3, paving the way for an official main board listing on the Pakistan Stock Exchange.
Agro Processors & Atmospheric Gases Limited, the Karachi maker of Soya Supreme, is offering 15% of the company to the public through an IPO of about 58 million shares.
The floor price is Rs32 a share, implying proceeds of Rs1.86 billion. The cap is Rs44.80, which would raise up to Rs2.60 billion. Book-building ran on Aug 27–28. Public subscription is scheduled for Sept 3–4.
Edible oil and ghee still account for about 86% of revenue. The rest comes from margarine, sauces and by-products. Current refining capacity is 90,000 tons a year.
Management says IPO funds will go into plant balancing, modernisation and rehabilitation, working capital and marketing. The BMR plan is built around cost, not just volume.
Production speed is targeted about 20% higher. Power costs are to be cut through more solar and a biomass boiler. Process losses are projected to fall by 0.5 percentage points. Overall oil capacity is expected to rise 33% to 120,000 tons.
Soya Supreme leads branded oil in Sindh and has a growing footprint in Khyber Pakhtunkhwa and Islamabad. Central Punjab remains the gap, where Dalda and Sufi dominate.
APAG has earmarked Rs455 million, or about 24% of floor proceeds, for supply-chain expansion and marketing in Punjab. Exports, now $5–6 million, are also part of the longer plan.
At the floor price, JS Research puts the stock at 0.6 times trailing four-quarter sales and 14 times trailing earnings. Its listed food-company sample trades nearer 1.4 times sales and 20 times earnings.
On FY27 forecasts, the same floor price is 9.0 times management earnings, 9.9 times JS estimates and 9.3 times consensus. The house calls that a discount to peers given the earnings mix.
The issue is not a control sale. Sponsors stay in charge after listing. The investment case rests on whether the extra capacity and Punjab spend convert a regional brand into a national one without stretching working capital.
Retail investors will see the strike set in book-building when the public offer opens on Sept 3. Listing on the PSX main board follows if the subscription closes as planned.
