SE Fruits and Vegetable gets SECP approval for 30m share IPO

Mettis Global reported that SE Fruits and Vegetable Limited has received SECP approval to issue and publish the prospectus for its initial public offering of 30 million ordinary shares. The approval, dated September 9, followed a PSX clearance granted on September 7. The Sargodha-based exporter, formerly known as Shaheen Enterprises, is preparing for a listing on the Pakistan Stock Exchange.

Topline Securities and Growth Securities have been appointed joint lead managers. The offer will be priced through book building on September 21 and 22, with the public able to subscribe on September 28 and 29. The floor price is Rs40 per share, and if the strike price rises by up to 60 per cent to Rs64, proceeds would range from Rs1.20 billion to Rs1.92 billion.

Of the 30 million shares, 22.5 million will be allocated through book building and 7.5 million offered to the general public, equal to 32.01 per cent of paid-up capital after the issue. The company says the new capital will ease working-capital constraints, funding larger seasonal procurement and higher processing throughput. It also targets export revenue of about $18 million in FY2027, up from about $4 million in FY2026, potentially lifting its share of Pakistan's roughly $470 million fruit and vegetable export market to just under 4 per cent.