SE Fruits IPO: Rs1.2bn in Limbo, Investors Await Answers

Mettis Global reported that investors remain in the dark about whether SEFL's IPO shares will be delivered or cash returned, now 13 days after public subscription ended. The Rs1.2 billion offering of 30 million shares has no published subscription result, allotment notice or listing date. Neither the issuer nor the bourse, the securities regulator or the joint lead managers has spoken publicly.

The bookbuilding phase ended on September 22 with the floor price set at Rs40 a share, and bids of about Rs1,429 million came in against Rs900 million on offer, a cover of roughly 1.6 times. Retail applicants paid in full before the e-IPO subscription window closed on September 29, so the money has left investor accounts without reaching the company. Under the PSX Rule Book, the subscription report was due by October 2 and allotments, refunds and CDS credits by October 6, and neither deadline has been met publicly.

The report says investors are owed answers to four questions: whether SEFL reported the subscription result, whether PSX extended the allotment deadline, whether the offering faces regulatory review, and when shares or money will be returned. The report also points to the contrast between the quick claim that the book was full and the absence of any later update.