Soya Supreme, a cooking oil manufacturer in Pakistan, is planning to have an initial public offering (IPO). They want to expand their business to the Middle East and North Africa. This would be the second IPO in a challenging year for the Pakistan Stock Exchange. Economic and political uncertainty, along with high-interest rates, have made the stock market unstable. In 2022, there were only three public listings in Pakistan, raising the lowest amount in nine years. Soya Supreme, established in 1991, will decide on the timing of the IPO based on market conditions. The CEO of the parent company, Agro Processors & Atmospheric Gases (APAG), revealed that HBL and KTrade would be appointed to initiate the IPO process. The company did not disclose how much they want to raise or their valuation. Pakistani manufacturers rely on imported raw materials, and in 2022, they imported $3.7 billion worth of soybean and palm oil. The Pakistan Vanaspati Manufacturer’s Association reported that 3.7 to 4 million tonnes of oils and fats were produced in 2022. Soya Supreme has recently expanded into specialized industrial fats and is exporting them to the Middle East and North Africa region. They also have a line of sauces. In addition, Dalda, another consumer staple company in Pakistan, has announced plans for an IPO to raise a significant amount of money. The dates for Dalda’s IPO have yet to be announced.
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