SE Fruits and Vegetable Limited has completed the refund of its initial public offering (IPO) following its decision to withdraw the issue.
“This is to inform all concerned that pursuant to the decision taken by the SE Fruits and Vegetable Limited to withdraw its IPO, and in accordance with the directive of the Securities and Exchange Commission of Pakistan, the entire subscription amount received from investors has been refunded into their respective bank accounts,” the Pakistan Stock Exchange (PSX) said in a notice.
SE Fruits and Vegetables Limited, formerly known as Shaheen Enterprises, is a Punjab-based (Sargodha-based) exporter of mangoes, citrus (kinnow), and potatoes, along with other agricultural produce.
In 2026, SE Fruits and Vegetables aimed to become the first fresh fruit and vegetable company to list on the Pakistan Stock Exchange (PSX) through an IPO. The company sought to raise between Rs1.2 billion and Rs1.92 billion by offering 30 million ordinary shares, representing 32.01% of its post-IPO paid-up capital.
Last month, the company received approval from the PSX and SECP.
The book-building process, which offered 75% of the shares, commenced on September 21, 2026, and was fully subscribed within two hours. It concluded on September 22, 2026, at a strike price of Rs40 per share, raising Rs1.20 billion and being oversubscribed 1.6 times. The remaining 25% of shares were scheduled for public subscription on September 28 and 29, 2026.
However, on October 13, 2026, SE Fruits and Vegetables announced its decision to withdraw the existing IPO application and submit a fresh one with additional disclosures. This decision was made after concerns arose over inadequate disclosures in the IPO documents, specifically regarding the transition of the underlying business from a partnership (operating since 1998) to a public limited company (incorporated in 2026).
The SECP had detected material discrepancies in the prospectus and suspended further proceedings to protect investors, leading to the company’s voluntary withdrawal and the refund of subscription money to investors.
The company stated that the withdrawal was a procedural step and reiterated its commitment to accessing Pakistan’s capital markets.
The SECP initiated regulatory action to determine responsibility for procedural irregularities.