SE Fruits completes IPO refund after withdrawal

SE Fruits and Vegetable Limited has returned all money collected for its withdrawn IPO, Business Recorder reported on October 23, citing a Pakistan Stock Exchange notice. The repayment was made to investors’ bank accounts after the company abandoned the offering under a Securities and Exchange Commission of Pakistan directive.

The company had planned to offer 30 million shares, seeking Rs1.2 billion to Rs1.92 billion. Its book-building on September 21 and 22 raised Rs1.20 billion at Rs40 per share, but the planned public subscription did not proceed after concerns about disclosures on the business’s shift from a partnership to a public limited company.

SECP identified material discrepancies in the prospectus and halted further steps, while the company said it would file a new application with additional disclosures. The regulator has also started action to establish responsibility for procedural irregularities. The refund closes the current offer, while a new application remains the company’s stated plan.