Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has requested export records from seven banks as part of its ongoing investigation into the initial public offering (IPO) of SE Fruits and Vegetable Limited. The inquiry is focused on financial transactions and export activities linked to the company, formerly known as Shaheen Enterprises.

According to the Securities and Exchange Commission of Pakistan, the investigation, initiated on October 21, 2026, under the SECP Act, 1997, and the Securities Act, involves a comprehensive review of export details from the mentioned banks. Additionally, information has been solicited from 30 banks concerning foreign remittances and export proceeds associated with accounts held by the company’s sponsors and directors. Some banks have already submitted their responses, which are currently under review.

The SECP is also assessing data from the IPO’s joint lead managers, Topline Securities and Growth Securities, as well as the input from consultant Parker Russell-A.J.S. The inquiry extends to examining the IPO application and shareholder information, with the Central Depository Company (CDC) having provided a partial list of investors. The SECP is reviewing this partial response, received on November 2, and has also requested further shareholder lists and transfer histories from the CDC.

The company’s auditor, Ilyas Saeed & Co., has asked for more time to submit the necessary information and records, which the SECP has agreed to. SE Fruits had aimed to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each. However, the SECP halted the IPO in October, prompting the company to withdraw the offering.