SE Fruits refunds entire IPO subscription amount to investors

Mettis Global reported that investors have received back all funds paid into SE Fruits and Vegetable Limited’s IPO, following the company’s withdrawal of the offering. A Pakistan Stock Exchange notice dated October 22 said the refunds were made in accordance with a Securities and Exchange Commission of Pakistan directive. The Rs1.2 billion public offer had closed without an allotment result or a listing date being announced.

The company withdrew the IPO after the regulator halted further steps over material discrepancies in its prospectus and said it intended to submit a revised offer with fuller disclosures. Book-building bids reached about Rs1,429 million against Rs900 million of shares offered, at a floor price of Rs40, while deadlines for reporting subscriptions and allocating shares had passed. SECP Chairman Dr. Kabir Sidhu said an investigation would examine the prospectus and the roles of PSX, the issue consultant and the auditor, as well as the regulator’s approval process; findings are to be made public.