Ghani Dairies to Raise Rs. 2.5 Billion Through IPO on PSX

Ghani Dairies Limited, a corporate dairy farm based in Punjab, has filed for an initial public offering on the Pakistan Stock Exchange (PSX), aiming to raise as much as Rs. 2.5 billion to fund its expansion and strengthen its position in the country’s dairy sector. According to a notice from the PSX, the company will offer 104.2 million ordinary shares with a face value of Rs. 1 each, representing 24.28% of its post-IPO paid-up capital. The IPO will be conducted via the book-building method at a floor price of Rs. 24 per share, with a price band of up to 40%. JS Global Capital Limited is acting as the lead manager for the issue. 75 percent of the shares, or 78.15 million, will be allocated to institutional and high-net-worth investors through book building, while the remaining 25%, or 26.05 million shares, will be offered to retail investors at the strike price determined in the book building process. The principal purpose of the IPO is to finance Ghani Dairies’ herd expansion, support the company’s operational growth, upgrade farm infrastructure, and strengthen its working capital position. The planned investments are expected to boost raw milk production capacity from 17,840 tons per annum in FY 2025-26 to 33,570 tons by FY 2026-27. This growth will be driven by the induction of 1,000 pregnant heifers and organic expansion as young calves mature and enter the milking cycle, immediately increasing milk output. The company expects the milking capacity to reach 38,371 tons per annum in FY 2027-28, as an additional 250 young heifers, procured through IPO proceeds and ready for insemination, begin producing milk alongside continued organic herd growth. Ghani Dairies, incorporated in 2020 and converted to a public limited company in July 2025, operates a large-scale dairy farm in Rahdari, Noor Pur Thal, District Khushab, Punjab. The company began commercial operations in October 2021 with the import of 210 heifers from the United States, and has since expanded its herd with further imports from the US and Australia. As of August 2025, the farm manages 2,487 cattle, including 1,377 mature milking animals. The company has invested heavily in modern infrastructure, including French-made KUHN TMR feed mixing machines, automated milking parlors from the US, and a European plate heat exchanger cooling system. A digital herd management system is in place to optimize animal health and productivity. Ghani Dairies supplies its entire milk output to leading dairy processors in Pakistan under long-term contracts.