April 15, 2026 (MLN): Zarea Limited (PSX: ZAL) has fully utilized the proceeds raised from its Initial Public Offering (IPO), with external auditors M/s. Naveed Zafar Ashfaq Jaffery & Company confirming no discrepancies in the utilization process.

The company had raised Rs. 1,029,579,750 through the issuance of 62,500,000 ordinary shares (face value Re. 1 each), making 23.81% of its post-IPO share capital available to the public and institutional investors. Shares were successfully listed on the Pakistan Stock Exchange on February 28, 2025.

After accounting for a return on mutual fund investments of Rs53,267,469 and share issuance expenses of Rs51,024,298, net IPO proceeds available for utilization stood at Rs1,031,822,921.

These were fully deployed through working capital settlement (Rs475,458,337) and project expenditures (Rs556,364,584), leaving zero unutilized proceeds as of March 31, 2026, the on PSX revealed today.

Project-wise expenditures under W-1 were broken down as: Logistics (Rs 240m), Technology (Rs125m), Marketing (Rs81.36m), Office CAPEX & Vehicles (Rs60m), and Human Resources (Rs50m).

All six commitments outlined in the prospectus Working Capital, Logistics, Technology, Marketing, Office & Cars, and Human Resource have been marked Completed with no delays reported.

The Agreed Upon Procedures (AUP) report, prepared in accordance with ISRS 4400 (Revised), found no discrepancies across all five procedures performed, including verification of bank statements, books of accounts, implementation status calculations, mutual fund profits, and prospectus commitments.

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