SE Fruits to withdraw IPO application, refile with additional disclosures

SE Fruits and Vegetable Limited has pulled its pending IPO application and will file a revised prospectus with extra disclosures, the company said in a statement on Tuesday. Business Recorder reported, citing people familiar with the matter, that regulators had been alerted to concerns about inadequate disclosure in the original documents. The board approved the move so the firm can add details on its change from a partnership running since 1998 into a public limited company formed in 2026.

The firm says the added information will improve transparency, compliance and investor protection, and it called the withdrawal a procedural step rather than an exit from listing plans. Once the amended prospectus and regulatory steps are finished, a new application will follow. Formerly Shaheen Enterprises, the Punjab-based exporter handles mangoes, citrus fruits and potatoes, and was seeking between Rs1.2 billion and Rs1.92 billion to fund working capital, processing, export growth and overseas offices.

For FY2026, net revenue was Rs2.133 billion and profit after tax reached Rs303.8 million, with exports near $4 million out of a topline of about $7.6 million. Its slice of Pakistan's produce exports in FY2026 was below 2%, and the firm has been debt-free since FY2024. The firm had hoped to be the first fresh produce company listed on the PSX via its IPO.