SE Fruits refunds entire IPO subscription amount to investors

October 23, 2026 (MLN): The entire subscription amount collected from investors in the Initial Public Offering (IPO) of SE Fruits and Vegetable Limited has been refunded to their respective bank accounts, the Pakistan Stock Exchange (PSX) said in a notice dated October 22, 2026.

The refund follows the company’s decision to withdraw its IPO and is in line with the directive of the Securities and Exchange Commission of Pakistan (SECP).

The refund ends a period of uncertainty for applicants. After public subscription closed on the Rs1.2bn offering, investors had no word on whether they would receive shares or their money back, and no subscription result, allotment notice or listing date had been published.

Book building had closed at the floor price of Rs40, with bids of about Rs1,429m against Rs900m on offer, while the deadlines for reporting the subscription and allotting shares had already passed.

Investors’ money remained blocked with no allotment, refund or explanation, and some retail applicants said their attempts to reach the lead manager went unanswered.

The SECP then initiated regulatory action over material discrepancies in the IPO prospectus, which was based on the company’s audited financial statements.

The regulator suspended further proceedings after the book building process to protect investors, and the company voluntarily withdrew the IPO with the intention of resubmitting it later with enhanced disclosures.

SECP Chairman Dr. Kabir Sidhu later said the regulator would conduct a comprehensive investigation into the accuracy and completeness of the prospectus. The probe will cover the roles of PSX, the consultant to the issue and the auditor, while SECP will also review its own IPO approval procedures. Action will be taken against those found responsible, and the findings will be made public.

For any further information or clarification, investors are advised to contact their respective banks or the relevant intermediary through which the subscription was made. They may also contact PSX at listing@psx.com.pk.

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