SE Fruits & Vegetables Gets PSX Nod For Up To Rs1.92bn IPO.
✧ GENERATE BRIEFING +
The Pakistan Stock Exchange (PSX) has officially approved the Initial Public Offering (IPO) of SE Fruits & Vegetables Limited, enabling the Sargodha-based horticulture exporter to raise between Rs1.2 billion and Rs1.92 billion. The company is offering 30 million ordinary shares—representing 32.01% of its post-IPO paid-up capital—at a floor price of Rs40 per share, with the book-building process allowing the final strike price to reach up to Rs64. The offering structure allocates 75% (22.5 million shares) to institutional and high-net-worth investors through book building, while the remaining 25% (7.5 million shares) is reserved for the general public. Topline Securities and Growth Securities are serving as the lead managers for the transaction. Operating since 1998 (formerly as Shaheen Enterprises), the company specializes in exporting core agricultural produce—including kinnow, mangoes, and potatoes—to markets across the Middle East, Far East, South Asia, and Central Asia.
Pakistan Stock Exchange (PSX) has approved the initial public offering (IPO) of SE Fruits & Vegetables Limited, with the Sargodha-based horticulture exporter seeking to raise between Rs1.2 billion and Rs1.92 billion to expand working capital, processing capacity and overseas operations.
The company will offer 30 million ordinary shares, representing 32.01% of its post-IPO paid-up capital. The issue has a floor price of Rs40 per share, while the book-building process can take the price up to Rs64, potentially raising the total proceeds to Rs1.92 billion.
Under the issue structure, 22.5 million shares, or 75% of the offering, will be allocated through book building, while the remaining 7.5 million shares will be offered to general investors. Topline Securities and Growth Securities are serving as lead managers.
SE Fruits & Vegetables, formerly known as Shaheen Enterprises, has been involved in horticulture exports since 1998, with kinnow, mangoes and potatoes among its key products. Its export markets include the Middle East, Far East, South Asia and Central Asia.
The company plans to direct about Rs940.2 million, or 78% of the proceeds at the floor price, toward working capital. Another Rs153.8 million is earmarked for cold-chain and processing expansion, while Rs50 million will support the establishment of offices in the UAE and Uzbekistan.
SE also intends to spend Rs30 million on enterprise resource planning and asset-tracking systems and Rs26 million on solar and grid-related investments. The company currently has seasonal kinnow processing capacity of 36,000 tonnes, compared with potential buyer demand of around 65,130 tonnes.
Financially, the company reported Rs2.13 billion in FY2026 revenue, up 24% year-on-year, while profit after tax reached a record Rs303.8 million. It has remained debt-free since FY2024. Following the IPO-funded expansion, SE projects FY2027 revenue to rise 137% to Rs5.05 billion and profit to increase 124% to Rs680 million.
