Selmore Pharmaceuticals Ltd., a veterinary drugmaker, is seeking a listing on the Pakistan Stock Exchange’s Main Board, with the exchange publishing its draft prospectus for public comment.
The proposed initial public offering comprises 48.61 million ordinary shares at a floor price of Rs. 42, according to the document posted on the PSX website. Public comments on the draft are invited until Oct. 5, 2026.
The company has also established an export presence across markets including Afghanistan, Kazakhstan, South Korea, Kuwait, Nepal, Nigeria, Oman, Qatar, Saudi Arabia, Syria, Lebanon, Jordan, Iraq, Iran, Chad, Peru and Vietnam. Its livestock segment accounted for 64.8 percent of sales during the nine months of FY2026, while poultry contributed 35.2 percent.
The IPO will comprise 48.61 million shares, representing 37.8 percent of the company’s post IPO paid up capital. Of these, 75 percent, or 36.46 million shares, will be offered through book building at a floor price of Rs. 42 per share, with a maximum price of Rs. 63. The remaining 25 percent, or 12.15 million shares, will be offered to retail investors at the strike price.
At the floor price, Selmore expects to raise Rs. 2.04 billion, while the issue could generate Rs. 3.06 billion if priced at the Rs. 63 cap. The company will use the proceeds primarily to establish a new veterinary pharmaceutical formulation plant and its first Active Pharmaceutical Ingredients (API) manufacturing facility.
The two projects have a combined estimated cost of Rs. 4.41 billion. The IPO will finance 46.29 percent of the cost, while the remaining amount will come from internal cash flows and bank financing. Of the IPO proceeds, Rs. 1.87 billion will go toward the new formulation plant and Rs. 173.22 million toward the API plant.
Selmore, incorporated in 1998, manufactures, markets and distributes veterinary medicines and animal healthcare products for the livestock and poultry sectors. The company operates a 166,464 square foot manufacturing facility in Lahore and has a portfolio of more than 421 products registered with the Drug Regulatory Authority of Pakistan (DRAP).
Selmore’s sales increased from Rs. 3.07 billion in FY2023 to Rs. 4.74 billion in FY2025, while profit after tax rose from Rs. 138.4 million to Rs. 192.3 million over the same period. In the first nine months of FY2026, sales reached Rs. 5.02 billion and profit after tax rose to Rs. 361.8 million.
The company says the new API facility will support backward integration and reduce reliance on imported raw materials, while the new formulation plant is expected to increase manufacturing capacity and improve production efficiency. Both projects are planned at Quaid-e-Azam Business Park in Sheikhupura, with commercial operations targeted for FY2028.
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