SE Fruits & Vegetables Limited has officially received approval from the Pakistan Stock Exchange (PSX) for its initial public offering, paving the way for the Sargodha-based horticulture exporter to raise between Rs1.2 billion and Rs1.92 billion. The landmark listing marks the entry of the country’s first fresh fruit and vegetable company onto the main board, setting a new precedent for an agricultural sector that has historically relied heavily on informal financing.
The offering involves 30 million ordinary shares, representing 32.01% of the post-IPO paid-up capital, with a floor price established at Rs40 per share. As market participants evaluate this emerging agricultural equity opportunity, the listing highlights structural shifts in corporate financing and export scaling across Pakistan’s horticultural landscape.
By SarmayaNext Financial Markets Desk • ✓ Fact-Checked • Published September 2026
What Are the Details of SE Fruits Vegetables Gets PSX Approval?
SE Fruits & Vegetables Limited has received PSX approval to launch an initial public offering raising between Rs1.2 billion and Rs1.92 billion. The Sargodha-based exporter will offer 30 million shares at a floor price of Rs40 each, targeting working capital expansion and cold-chain infrastructure development.
SE Fruits & Vegetables Limited, formerly operating as Shaheen Enterprises, has secured formal clearance from the Pakistan Stock Exchange to launch its initial public offering. The company is offering 30 million ordinary shares, which constitutes 32.01% of its post-IPO paid-up capital. The issue features a floor price of Rs40 per share, with the book-building process capable of driving the strike price up by 60% to a maximum of Rs64 per share. At the floor price, the company will raise Rs1.2 billion, while upper-band pricing will bring total proceeds to Rs1.92 billion.
Under the prescribed offering structure, 75% of the shares—equivalent to 22.5 million shares—will be allocated through book building. The remaining 25%, amounting to 7.5 million shares, is reserved for the general public. Topline Securities Limited and Growth Securities Limited are serving as the lead managers to the issue. Operating out of Sargodha since 1998, the company exports kinnow, mangoes, and potatoes to markets spanning the Middle East, Far East, South Asia, and Central Asia.
SE Fruits & Vegetables IPO Summary & Financial Outlook
| Metric / Parameter | Floor Price / FY2026 | Upper Band / FY2027 Projection |
|---|---|---|
| Total Share Offering | 30 Million Shares (32.01%) | 30 Million Shares (32.01%) |
| Share Price Range | Rs40 per share | Up to Rs64 per share |
| Total Proceeds Raised | Rs1.20 Billion | Rs1.92 Billion |
| Working Capital Allocation | Rs940.2 Million (78%) | — |
| Net Revenue | Rs2.133 Billion (FY2026) | Rs5.05 Billion (FY2027 Projected) |
| Profit After Tax | Rs303.8 Million (FY2026) | Rs680 Million (FY2027 Projected) |
How SE Fruits Vegetables Gets Capital to Impact Business and Investors
The primary motivation behind the IPO is not debt retirement—as the company has remained entirely debt-free since fiscal year 2024—but rather the elimination of working-capital constraints. According to corporate disclosures and executive statements, international customer demand has consistently outpaced the company’s internal liquidity required to procure, process, and ship larger volumes during peak harvesting seasons. For FY2026, the company reported net revenue of Rs2.133 billion, up 24% year-on-year, alongside a record profit after tax of Rs303.8 million. Revenue and profit after tax recorded compound annual growth rates of roughly 28% and 31% respectively between FY2022 and FY2026.
Allocation of the IPO proceeds reflects a strong emphasis on operational expansion. Approximately 78% of funds raised at the floor price—totaling Rs940.2 million—is earmarked directly for working capital, covering advance payments to farmers and credit sales. Furthermore, Rs153.8 million is designated for cold-chain and processing expansion, Rs50 million for international offices in the UAE and Uzbekistan, Rs30 million for enterprise resource planning (ERP) and asset-tracking systems, and Rs26 million for solar energy and grid-related investments. Following the deployment of these proceeds, SE projects revenue to surge approximately 137% to Rs5.05 billion in FY2027, with profit after tax forecast to reach Rs680 million and forward earnings per share estimated at Rs7.25.
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Key Takeaways
- SE Fruits & Vegetables Limited received PSX approval to raise between Rs1.2 billion and Rs1.92 billion through an IPO of 30 million ordinary shares.
- The IPO features a floor price of Rs40 per share, with book building allowing prices to rise up to Rs64 per share.
- 75% of the offering is allocated to book building, while 25% is reserved for the general public under joint management by Topline Securities and Growth Securities.
- Roughly 78% of funds raised at the floor price will be channeled into working capital to support international procurement and credit sales.
The Insider Take
Management notes that the company represents a very small fraction of national agricultural exports, holding roughly a 2% market share against total national fruit and vegetable exports of $470 million in FY2026.
Executive leadership emphasizes that export conversion and post-harvest loss reduction remain key macroeconomic bottlenecks, with an estimated 30% to 40% of agricultural produce wasted due to inadequate cold storage.
Frequently Asked Questions About SE Fruits Vegetables gets
What is the latest update regarding SE Fruits Vegetables gets PSX approval?
SE Fruits & Vegetables Limited has received official approval from the Pakistan Stock Exchange to proceed with its initial public offering, offering 30 million ordinary shares to raise between Rs1.2 billion and Rs1.92 billion for business expansion.
How does the SE Fruits Vegetables IPO affect consumers and businesses in Pakistan?
The IPO introduces formal institutional capital into Pakistan’s historically underserved horticulture export sector, enabling better post-harvest cold storage, reduced agricultural waste, and enhanced international procurement capabilities.
What are the key figures and timeline for the SE Fruits & Vegetables offering?
The company is offering shares at a floor price of Rs40 each, with book building raising the price up to Rs64. 75% of the offering is designated for book building and 25% for the general public, targeting deployment in the upcoming fiscal cycle.
“This is a landmark because this sector has been undercapitalised, underserved by banking… So now with our entry, the sector will get the recognition globally as well as locally.” — Rai Omar
“Our experience over the years has shown that demand from our international customers has consistently exceeded our working capital capacity. Therefore, the limiting factor has not been the customer demand, but the amount of capital available to procure, process, and ship larger volumes during peak periods.” — Rai Omar
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PS: For educational and informational purposes only. Not financial advice. Investing involves risk — consult a qualified financial advisor before making investment decisions.