Pakistan’s Citi Pharma eyes Rs1–2bn IPO for veterinary subsidiary

Citi Pharma Limited, one of Pakistan’s leading pharmaceutical companies, has approved the launch of an initial public offering (IPO) for its wholly owned subsidiary, Citi Veterinary Pharma Limited.The pharma disclosed the development, which is a part of the company’s strategy to diversify its revenue streams, in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.“The Board of Directors of Citi Pharma Limited has approved the initiation of the IPO of Citi Pharma’s wholly owned subsidiary, Citi Veterinary Pharma Limited (CVPL),” read the notice.CVPL has been established as a dedicated entity focused towards the manufacturing of veterinary focused API’s and pharmaceutical products for the consumption of the local market.“In this regard, the Board has approved the appointment of K-Trade Securities Limited as the consultant to issue and list the company at the earliest,” it said.Citi Pharma shared that it plans to raise between Rs1 and Rs2 billion through the IPO.“This marks a significant milestone for Citi Pharma Limited in increasing its revenue sources through diversification in a pharma-related field. It may also be noted that Citi Pharma plans to generate approximately Rs 1.50 billion in revenue through the trading of veterinary products in FY26,” the pharma added.Last month, CPHL formally entered Pakistan’s real estate sector after securing Securities and Exchange Commission (SECP) approval to establish a wholly owned REIT management subsidiary, marking a strategic diversification beyond its core pharmaceutical business.CPHL shared that under the proposed platform of CITI REIT Management Company (Private) Limited, the company plans to undertake three major real estate development projects.“The first project is envisaged to be developed at Hali Road, Lahore, followed by a second project on Citi Pharma Limited’s land situated at Khayaban-e-Zafar, Lahore and a third project on the company’s land located near Islamabad international airport,” said the company.

Read full story on Business Recorder