PSX holds gong ceremony for listing of Barkat Frisian Agro Ltd

KARACHI: The Pakistan Stock Exchange (PSX) marked the successful listing of Barkat Frisian Agro Limited (BFAL) with a gong ceremony on Friday.

Barkat Frisian Agro Limited, a joint venture between the Netherlands-based Frisian Egg Group and Pakistan’s Buksh Group, specialises in pasteurised egg production. The company’s initial public offering (IPO) witnessed 16.25 times oversubscription, reflecting strong investor confidence in its growth potential.

Speaking at the event, Chairperson of PSX Dr Shamshad Akhtar commended the efforts of CEO of Arif Habib Limited Shahid Ali Habib in structuring the IPO and acknowledged the significant role of investor participation in market growth. She said, “I applaud Mr Adil for pioneering the pasteurised egg market and setting an example for increased foreign exchange earnings. PSX remains committed to broadening investor participation and fostering new market sectors.”

Managing Director and CEO of PSX Farrukh H Sabzwari congratulated BFAL on its listing, emphasising the importance of the poultry sector in Pakistan’s economy. “[The] PSX believes in the power of young entrepreneurs to drive economic growth. The successful listing of BFAL, led by a dynamic entrepreneur, sets an inspiring precedent for others to follow,” he said.

Muhammad Adil Ali, CEO of BFAL, expressed gratitude to investors and stakeholders, highlighting the 16.25 times oversubscription as a testament to investor confidence. “As the sole player and market leader in Pakistan’s pasteurised egg segment, we are honoured by the overwhelming trust in our growth strategy. This IPO’s success is expected to encourage further IPOs at the PSX, enhancing market diversity and investment opportunities,” he stated.

Habib praised the IPO’s historic oversubscription and record-breaking investor participation. “The IPO attracted demand worth Rs15.5 billion, with participation from 8,500 investors, marking one of the highest turnouts in PSX history,” he noted. The event concluded with the symbolic ringing of the gong, signifying the commencement of BFAL’s trading at the PSX, marking a new chapter for the company and its investors.