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, formerly known as Shaheen Enterprises.
The regulator has also requested information from 30 banks regarding foreign remittances, export proceeds and other foreign exchange transactions received in accounts maintained by the company’s sponsors and directors. Several banks have submitted their responses, which are currently under review.
SECP Reviews IPO Documentation and Financial Records
The SECP launched 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 being examined. The regulator is also reviewing the response submitted by consultant Parker Russell–A.J.S.
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The investigation team is scrutinising the IPO application and shareholder information. The Central Depository Company (CDC) provided an investor list, following which the SECP requested shareholder lists and transfer histories for individuals identified in the prospectus.
The CDC submitted a partial response on November 2, which is currently under review.
Auditor Granted Extension to Submit Records
The company’s auditor, Ilyas Saeed & Co., requested additional time to provide the information and records sought by the regulator.
The SECP granted the extension, allowing the auditor further time to submit the requested material.
SE Fruits IPO Withdrawn After Regulatory Halt
SE Fruits had planned to raise up to Rs1.92 billion through an offering of 30 million shares at Rs40 each.
The SECP halted the IPO in October 2026, following which the company withdrew its offering.
The investigation remains focused on examining the company’s IPO documentation, shareholder information and financial transaction records.
