If one can afford, he should slaughter two sheep for the aqiqah of the new born. It is also sunnah to slaughter only one as well. The meat of aqiqah carries the same ruling as the meat of Qurbani i.e. to distribute it in three shares and give one share to the poor, one share to the relatives and friends while to keep one share for personal use. It is sunnah to perform aqiqah on the seventh day of child’s birth.
Allah knows Best!
Darul Uloom Deoband