Wahdat Poultry Farm Limited’s initial public offering has drawn a strong response from institutional investors, with book-building ending at a strike price of Rs18 per share after demand reached roughly five times the shares on offer in that phase. The price was discovered at the top end of the approved Rs12 to Rs18 band, a sign that investor appetite stayed firm through the bidding window
The company is offering a total of 53,102,350 ordinary shares, including 50 million new shares and 3,102,350 shares offered for sale by an existing shareholder. Together, that represents 15.84% of the company’s post-IPO paid-up capital. Under the structure approved for the transaction, 70% of the issue was allocated to institutional investors and high-net-worth individuals through book-building, while the remaining 30% is reserved for the general public.
At the floor price of Rs12, the company had initially been expected to raise around Rs637 million from the fresh issue. But the final strike price changes the economics of the deal in a meaningful way: pricing at Rs18 implies substantially higher proceeds, pushing the transaction value to roughly Rs955.8 million on the full offer size. That is a notable jump, and it gives Wahdat Poultry a much bigger funding cushion than the headline number investors first saw when the IPO was announced.
The IPO is part of a broader push by Wahdat Poultry to scale up its operations. Earlier disclosures said the Islamabad-based company planned to use the capital to expand production capacity and move further into value-added egg products, including an egg processing plant. The business currently operates four automated layer farms, with capacity of around 430,000 birds and daily output of up to 400,000 eggs, according to reporting published after the SECP approval.
There is also a market-story angle here that’s hard to miss. Wahdat’s IPO was described in local financial coverage as the eighth listing of the current fiscal year on the Pakistan Stock Exchange, which suggests the primary market has kept moving even in a difficult economic backdrop. Oversubscription on this scale won’t automatically guarantee a strong aftermarket debut, but it does send a clear signal: investors were willing to bid aggressively for exposure to a consumer-linked agribusiness story with visible expansion plans.
According to PSX’s listing page, the book-building took place on April 20 and 21, 2026, while the public subscription is scheduled for April 27 and 28, 2026. That means retail investors are still due to get their shot at the offer, now with the institutional demand already setting a firm reference point at the top of the price band. In practical terms, that tends to sharpen attention around the retail leg, especially when the market sees a deal come out of book-building with this kind of demand.
For the wider market, Wahdat Poultry’s pricing outcome matters beyond one company. Pakistan’s IPO pipeline has been watched closely for signs that investor confidence is returning in a durable way, and strong demand for a poultry-and-eggs business gives brokers and issuers something tangible to point to. It’s not just a story about chickens and eggs, honestly. It’s also a test of whether PSX can keep attracting fresh listings in sectors tied to everyday consumption, not only the usual financial or industrial names.
