The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) have approved the issuance and publication of the prospectus for the initial public offering (IPO) of Ghani Dairies Limited (GDL), paving the way for the company’s listing on the bourse.

The IPO comprises 104.2 million ordinary shares and will be conducted through the book building mechanism. Under the approved structure, 75% of the shares, or 78.15 million shares, will be offered to eligible institutional investors, while the remaining 25%, amounting to 26.05 million shares, will be allocated to retail investors.

According to the PSX notice, the floor price for book building has been set at Rs24 per share, with a price band extending up to Rs33.60 per share. Eligible institutional participants are required to register with the PSX to take part in the book building process, with registration open from January 28 to February 3, 2026, until 3:00 PM on the final day.

Interested participants must submit their expressions of interest to the National Clearing Company of Pakistan Limited (NCCPL) along with the prescribed margin deposits. The bidding window for institutional investors is scheduled to run from February 2 to February 3, 2026, between 9:00 AM and 5:00 PM.

NCCPL will be responsible for the collection of bid margins, processing of successful bids, and refunding margins for unsuccessful bids on February 4, 2026.

Ghani Dairies Limited, headquartered in Khushab, operates in the production and sale of raw milk, supplying dairy processors across Pakistan.

The approval marks the seventh IPO prospectus cleared by the SECP in FY2025–26 and the third in January 2026, reflecting sustained momentum in Pakistan’s capital markets.

The proposed listing is expected to enhance transparency and corporate governance, while enabling Ghani Dairies to raise long-term capital to support sustainable growth. It also offers investors access to comprehensive disclosures to facilitate informed investment decisions.

The development underscores the SECP’s continued commitment to fostering a supportive regulatory environment that encourages new listings and strengthens Pakistan’s capital market framework.