SE Fruits and Vegetable to refile IPO application with additional disclosures

SE Fruits and Vegetable Limited will withdraw its existing initial public offering (IPO) application and submit a fresh one with additional disclosures about the transition of its underlying business from a partnership to a public limited company, the company said on Tuesday.

“The Board of Directors of SE Fruits and Vegetable Limited has decided to withdraw the Company’s current IPO application and submit a fresh application after incorporating additional disclosures into the prospectus,” the company said in a statement.

“The additional disclosures will provide further information regarding the transition of the underlying business from a partnership organisation, operating since 1998, to the newly incorporated Public Limited Company in 2026,” it added.

Sources familiar with the matter said the application was being withdrawn after concerns emerged over disclosures that had not been adequately included in the IPO documents.

The omissions came to the attention of regulators, prompting the company to resubmit its application with the required information, the sources told Business Recorder.

“The Board considers the resubmission to be in the interests of transparency, regulatory compliance, investor protection and informed investment decision-making,” SE Fruits said, adding that it remained committed to accessing Pakistan’s capital markets.

“The withdrawal is a procedural step and does not represent an abandonment of the company’s IPO plans. SE Fruits remains committed to accessing Pakistan’s capital markets and intends to reapply after completing the revised prospectus and applicable regulatory process,” it said.

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SE Fruits and Vegetables Limited, formerly known as Shaheen Enterprises, is a Punjab-based horticulture exporter specialising in mangoes, citrus (kinnow), and potatoes, along with other agricultural produce.

As of FY2026, SE Fruits and Vegetables reported a topline of approximately $7.6 million and export revenue of about $4 million. Its net revenue for FY2026 was Rs2.133 billion, with a profit after tax of Rs303.8 million, and it has been debt-free since FY2024. The company held less than a 2% market share in national fruit and vegetable exports in FY2026.

In 2026, SE Fruits and Vegetables became the first fresh fruit and vegetable company to prepare for listing on the Pakistan Stock Exchange (PSX) through an Initial Public Offering (IPO). The IPO aims to raise between Rs1.2 billion and Rs1.92 billion to fund working capital, expand processing and export operations, establish international offices in the UAE and Uzbekistan, and invest in enterprise resource planning, asset-tracking systems, and solar energy.