SE Fruits and Vegetable Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) for the issuance, circulation and publication of its prospectus for an Initial Public Offering (IPO) of 30 million ordinary shares, a major step toward the export-oriented, Shariah-compliant company’s listing on the Pakistan Stock Exchange (PSX).
The SECP approval, dated Sept. 9, follows approval from the PSX on Sept. 7. Book building is scheduled for Sept. 21 and 22, while subscription by the general public to take place on Sept. 28 and 29.
Topline Securities Limited and Growth Securities Limited are acting as Joint Lead Managers to the Issue.
SE Fruits and Vegetable Limited plans to offer 30 million ordinary shares, representing 32.01% of its post-IPO paid-up capital, at a floor price of Rs. 40/share. Through the book-building process, the strike price may rise by up to 60% to Rs. 64/share, enabling the company to raise between Rs. 1.20 billion and Rs. 1.92 billion.
Under the offering structure, 22.5 million shares, representing 75% of the issue, will be offered through book building, while the remaining 7.5 million shares will be offered to the general public.
The IPO is expected to materially strengthen the company’s working-capital position, addressing one of the principal constraints on its growth. The additional capital will support larger seasonal procurement, higher processing throughput and an enhanced ability to convert established international demand into export revenue.
From less than 1% of Pakistan’s approximately $470 million fruit and vegetable export market in FY2026, representing approximately $4 million in export revenue, SE Fruits and Vegetable Limited plans to increase export revenue to approximately $18 million in FY2027, potentially increasing its market share to just under 4%.
Based in Sargodha and formerly operating as Shaheen Enterprises, the company has a track record spanning nearly three decades and exports kinnow, mangoes, potatoes and other agricultural produce to more than 22 countries.
SE Fruits and Vegetable Limited has also demonstrated resilience during periods of regional trade and logistics disruption, continuing to execute exports and achieving higher selling prices in certain Middle Eastern markets. This reflects the strength of its customer relationships, diversified international presence and ability to adapt its commercial execution under challenging market conditions.
With the principal regulatory approvals now secured, the IPO represents more than a capital raise. It is expected to remove a major working-capital bottleneck and unlock the next phase of growth for SE Fruits and Vegetable Limited’s export platform.