KARACHI: SE Fruits and Vegetable Limited has received the green light from the Securities and Exchange Commission of Pakistan (SECP) to proceed with its Initial Public Offering (IPO) of 30 million ordinary shares. This approval marks a significant step for the export-oriented, Shariah-compliant company towards listing on the Pakistan Stock Exchange (PSX).

According to Securities and Exchange Commission of Pakistan, the SECP’s approval, dated September 9, follows a nod from the PSX granted on September 7. The book-building process is slated for September 21 and 22, with the general public subscription set for September 28 and 29. Topline Securities Limited and Growth Securities Limited have been appointed as Joint Lead Managers for the issue.

SE Fruits and Vegetable Limited plans to offer its shares at a floor price of Rs40 each, with the possibility of the strike price increasing by up to 60% to Rs64 per share through the book-building process. This could enable the company to raise between Rs1.20 billion and Rs1.92 billion. The offering structure includes 22.5 million shares, or 75% of the issue, available through book building, with the remaining 7.5 million shares offered to the general public.

The IPO is anticipated to significantly bolster the company’s working-capital position, alleviating a primary constraint on its growth. The influx of capital is expected to enhance seasonal procurement, increase processing capacity, and improve the ability to meet international demand, translating into export revenue.

SE Fruits and Vegetable Limited, headquartered in Sargodha and previously known as Shaheen Enterprises, has a nearly three-decade-long track record. The company exports kinnow, mangoes, potatoes, and other produce to over 22 countries. It plans to increase its export revenue from US$4 million in FY2026 to US$18 million in FY2027, potentially capturing just under 4% of Pakistan’s US$470 million fruit and vegetable export market.

The company has shown resilience in the face of regional trade and logistics challenges, maintaining its export operations and securing higher prices in some Middle Eastern markets. This resilience is attributed to strong customer relationships, a diversified international presence, and adaptive strategies in challenging market conditions.

With regulatory approvals secured, the IPO aims not only to raise capital but also to address working-capital constraints, paving the way for the next growth phase of SE Fruits and Vegetable Limited’s export operations.