SE Fruits and Vegetable gets SECP nod, to be first PSX-listed produce exporter

SE Fruits and Vegetable Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) for its IPO prospectus, clearing the way to become Pakistan's first listed fresh fruit and vegetable exporter on the PSX. The company plans to offer 30 million ordinary shares, with book building set for Sept. 21-22 and public subscription on Sept. 28-29.

How much can SE Fruits and Vegetable raise through its IPO?

SE Fruits and Vegetable plans to offer 30 million ordinary shares, or 32.01% of its post-IPO paid-up capital, at a floor price of PKR 40 each. Through book building, the strike price could rise by up to 60% to PKR 64 per share, letting the company raise between PKR 1.20 billion and PKR 1.92 billion.

When is book building and public subscription for the IPO?

The SECP approval is dated Sept. 9 and follows approval from the PSX granted on Sept. 7. Book building is scheduled for Sept. 21-22, while subscription by the general public will take place on Sept. 28-29. Topline Securities Limited and Growth Securities Limited are acting as joint lead managers to the issue.

How is the SE Fruits and Vegetable IPO structured?

Under the offering structure, 22.5 million shares, representing 75% of the issue, will be offered through book building. The remaining 7.5 million shares will be offered to the general public.

What will SE Fruits and Vegetable do with the IPO proceeds?

The IPO is expected to materially strengthen the company's working-capital position, addressing one of the principal constraints on its growth. The additional capital will support larger seasonal procurement, higher processing throughput and an enhanced ability to convert established international demand into export revenue.

How much export revenue does SE Fruits and Vegetable expect to generate?

The company currently holds less than 1% of Pakistan's roughly $470 million fruit and vegetable export market in FY2026, representing about $4 million in export revenue. SE Fruits and Vegetable plans to increase export revenue to approximately $18 million in FY2027, potentially raising its market share to just under 4%.

What does SE Fruits and Vegetable export, and where?

Based in Sargodha and formerly operating as Shaheen Enterprises, the Shariah-compliant company has a track record spanning nearly three decades. It exports kinnow, mangoes, potatoes and other agricultural produce to more than 22 countries.

SE Fruits and Vegetable has also shown resilience during periods of regional trade and logistics disruption, continuing to execute exports and achieving higher selling prices in certain Middle Eastern markets. This reflects the strength of its customer relationships, diversified international presence and ability to adapt its commercial execution under challenging market conditions.

With the principal regulatory approvals now secured, the IPO represents more than a capital raise. It is expected to remove a major working-capital bottleneck and unlock the next phase of growth for SE Fruits and Vegetable's export platform.