SECP Seeks Export Records in SE Fruits IPO Probe

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited.

The banks were asked to provide export details for the company, formerly known as Shaheen Enterprises. SE Fruits had planned to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each.

SECP Expands Probe to Sponsors and Directors

The SECP also sought information from 30 banks on foreign remittances, export proceeds and other foreign exchange transactions received in accounts held by the company’s sponsors and directors.

Some banks have submitted responses, which are now under review.

Investigation Under SECP Act

The SECP initiated the investigation on October 21, 2026, under Section 29 of the SECP Act, 1997, read with Section 139 of the Securities Act.

Information received from the IPO’s joint lead managers, Topline Securities and Growth Securities, is under review. The response from consultant Parker Russell–A.J.S. is also being examined.

Shareholder Records Under Review

The investigation team is examining the IPO application and shareholder information.

The Central Depository Company (CDC) provided an investor list. The SECP later sought shareholder lists and transfer histories for persons named in the prospectus. The CDC’s partial response, received on November 2, is under review.

Auditor Seeks More Time

The company’s auditor, Ilyas Saeed & Co., sought an extension to provide the requested information and records. The SECP has granted the extension.

Rs1.92 Billion IPO Halted

SE Fruits had planned to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each. The SECP halted the IPO in October, after which the company withdrew the offering.

Earlier in a statement, the SECP said significant financial discrepancies had emerged in the company’s prospectus, which was prepared using information contained in its audited financial statements.

The regulator explained that prospectuses are approved on the basis of information supplied by companies, while investors rely on audited financial statements and disclosures when making investment decisions.

The commission also stressed that making false or misleading statements constitutes an offence under the Securities Act.

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