Key Takeaways
- SE Fruits and Vegetable Limited will withdraw its existing IPO application.
- The company will resubmit with additional disclosures regarding its business transition.
- The move aims to enhance transparency and regulatory compliance.
SE Fruits and Vegetable Limited has announced its intention to withdraw its existing initial public offering (IPO) application and resubmit a fresh one with additional disclosures. The company stated that the withdrawal is a procedural step and does not represent an abandonment of its IPO plans.
In a statement, the company explained that the Board of Directors has decided to withdraw the current IPO application and submit a fresh one after incorporating the required additional disclosures. These disclosures will provide further information regarding the transition of the underlying business from a partnership to a public limited company, which has been operating since 1998 and was incorporated in 2026.
Sources familiar with the matter informed Business Recorder that the application was withdrawn due to concerns over disclosures that had not been adequately included in the IPO documents. These omissions came to the attention of regulators, prompting the company to resubmit its application with the necessary information.
SE Fruits and Vegetable 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, the company 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 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.
SE Fruits and Vegetable Limited remains committed to accessing Pakistan’s capital markets and intends to reapply after completing the revised prospectus and applicable regulatory process. The company stated, '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.'
