SE Fruits & Vegetables secures PSX approval for IPO to raise up to Rs1.92bn

The Pakistan Stock Exchange has cleared the initial share sale of SE Fruits & Vegetables, according to Business Recorder, which reported that the Sargodha-based horticulture exporter hopes to raise between Rs1.2 billion and Rs1.92 billion. The funds are earmarked for working capital and for widening its processing and export activities. The offer comprises 30 million ordinary shares, or 32.01% of the post-offer paid-up capital, priced from a floor of Rs40 that can rise by as much as 60% through book building to Rs64 per share.

Of the 30 million shares, 22.5 million will go through book building and 7.5 million will be set aside for the general public. Topline Securities and Growth Securities are the lead managers. The company, formerly known as Shaheen Enterprises, has exported kinnow, mango and potatoes since 1998 to buyers across the Middle East, Far East, South Asia and Central Asia.

Around Rs940.2 million, about 78% of the amount raised at the floor price, is set aside for working capital. Rs153.8 million goes toward cold-chain and processing expansion, while Rs50 million will go to setting up offices in the UAE and Uzbekistan. Net revenue for FY2026 was Rs2.133 billion, 24% higher than a year earlier, while profit after tax hit a record Rs303.8 million.