SE Fruits and Vegetable Limited is preparing for an Initial Public Offering (IPO) on the Pakistan Stock Exchange (PSX), aiming to become the country's first listed fresh fruit and vegetable exporter. The company plans to issue 30 million shares with a floor price of PKR 40 and a ceiling price of PKR 64 per share, anticipating raising between PKR 1.2 billion and PKR 1.9 billion ($4 million to $6.4 million USD). This IPO is expected to significantly contribute to Pakistan's agricultural export sector.
The proceeds from the IPO are earmarked for crucial expansions, including bolstering working capital to facilitate larger crop procurement, increasing processing capacity, and enhancing cold-chain infrastructure. These improvements are vital for meeting rising international demand. Headquartered in Sargodha, a major citrus-producing region, SE Fruits and Vegetable Limited exports Kinnow, mangoes, and potatoes to various markets across the Middle East, Central Asia, the Far East, Europe, and Australia.
The offering structure includes 75% of the shares (22.5 million) to be sold through a book-building method, with the remaining 25% (7.5 million shares) available to the general public at the strike price. Topline Securities and Growth Securities are acting as joint lead managers for the issue. The company, previously known as Shaheen Enterprises, has a zero-debt capital structure and aims to utilize the equity issue for rapid operational expansion and improved liquidity. Their revenue has shown strong growth, increasing from PKR 794 million in FY22 to PKR 2.13 billion in FY26, with a profit after tax of PKR 304 million in FY26.
Key financial highlights also indicate a gross margin of 35.35% and an operating margin of 22.46% in FY26. The company’s primary export, Kinnow, saw an export target of 300,000 tonnes for the 2025-26 season, expected to generate approximately $110 million in foreign exchange. Despite challenges like regional trade disruptions, Pakistan's kinnow exports demonstrated resilience, earning about $40 million within 45 days in late 2025 and early 2026.
The strategic investment of the IPO funds includes approximately 78% for working capital, 13% for cold chain and processing infrastructure expansion, and smaller allocations for ERP and asset tracking (3%), and solar energy and grid solutions (2%). The company has also established international offices in the UAE and Uzbekistan to support its export operations.
