SE Fruits Withdraws PSX IPO Application, Plans Fresh Submission With Enhanced Disclosures
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✧ GENERATE BRIEFING
Sargodha-based horticulture exporter SE Fruits and Vegetable Limited (formerly Shaheen Enterprises) has officially withdrawn its existing Initial Public Offering (IPO) application submitted to the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX). The company confirmed on Tuesday, October 13, 2026, that it intends to submit a fresh application accompanied by an enhanced prospectus featuring expanded disclosures regarding the structural transition of its underlying business from a long-standing partnership to a public limited company. Key corporate, financial, and transactional parameters include:Governance & Disclosure Objectives: The withdrawal follows regulatory queries concerning historical partnership disclosures. Operating as a partnership since 1998 prior to its public corporate incorporation, SE Fruits clarified that the withdrawal is purely procedural to ensure full regulatory compliance and investor transparency, rather than an abandonment of its public listing plans.
SE Fruits and Vegetable Limited has decided to withdraw its existing initial public offering (IPO) application and submit a fresh application with additional disclosures explaining the transition of its underlying business from a partnership to a public limited company.
In a statement issued on Tuesday, the company said its revised prospectus would provide further details about the business, which began operating as a partnership in 1998, before the public limited company was incorporated in 2026.
Regulatory Compliance and Partnership Transition
The company said the additional information was intended to improve transparency, ensure regulatory compliance and help investors make informed decisions. The move follows concerns over disclosures in the IPO documents that were brought to the attention of regulators, according to sources cited by Business Recorder.
SE Fruits said the withdrawal was a procedural step and did not mean it was abandoning its plan to enter Pakistan’s capital market. It intends to reapply after revising the prospectus and completing the applicable regulatory process.
Operational Profile and Export Financials
Based in Sargodha and formerly known as Shaheen Enterprises, the company exports fresh produce, including kinnow, mangoes and potatoes, to international markets. Its business operates within Pakistan’s horticulture export sector, which depends on seasonal procurement, processing, packaging and international distribution.
For the financial year 2026, SE Fruits reported net revenue of approximately Rs2.13 billion and profit after tax of Rs303.8 million. The company also reported export revenue of around $4 million and said it had been debt-free since FY2024.
Offering Details and Capital Deployment
The proposed IPO had aimed to offer 30 million ordinary shares, representing 32.01% of the company’s post-IPO paid-up capital. The planned fundraising range was Rs1.2 billion to Rs1.92 billion, with proceeds intended for working capital, processing capacity, export expansion, overseas offices and technology upgrades.
The revised application means the IPO process will require updated disclosures and further regulatory consideration. The company said it would communicate subsequent developments through official channels, while the timing of a fresh application and any revised offering schedule remains subject to the regulatory process.
