China-Backed Projects Fuel Biggest Pakistan Steel IPO in 5 Years

Agha Steel Industries Ltd. plans to raise as much as 5 billion rupees ($30 million) in an initial share sale as a construction boom in Pakistan helps boost demand for its products.

The Karachi-based company plans to raise between 3.6 billion rupees to 5 billion rupees as early as this month, Chief Executive Officer Hussain Agha said. The steelmaker plans to almost triple its capacity to produce gray steel bars, used to build everything from homes to dams.

Pakistan’s steelmakers are benefiting from the building of dams and power plans financed by China. Prime Minister Imran Khan’s move to ...