SE Fruits & Vegetables secures PSX approval for IPO to raise up to Rs1.92bn
SE Fruits & Vegetables Limited has received approval from the Pakistan Stock Exchange (PSX) for its initial public offering (IPO), with the horticulture exporter aiming to raise between Rs1.2 billion and Rs1.92 billion to fund working capital and expand its processing and export operations. The Sargodha-based company plans to offer 30 million ordinary shares, representing 32.01% of its post-IPO…
SE Fruits & Vegetables has secured permission from the Pakistan Stock Exchange (PSX) to proceed with its initial public offering (IPO), aiming to raise up to Rs1.92 billion. The Punjab-based horticulture exporter plans to issue 30 million shares, representing 32.01% of its post-IPO paid-up capital, at a minimum price of Rs40 per share.
The strike price could rise up to 60% to a maximum of Rs64 per share through the book-building process. The IPO will raise Rs1.2 billion at the floor price, with proceeds potentially reaching Rs1.92 billion at the upper range. SE Fruits & Vegetables will allocate approximately Rs940.2 million for working capital, Rs153.8 million for cold-chain and processing expansion, Rs50 million for international offices, Rs30 million for enterprise resource planning, Rs26 million for solar energy infrastructure, and the remaining funds will be saved.
The company anticipates that revenue will increase by 137% to Rs5.05 billion in FY2027, while profit after tax is expected to rise around 124% to Rs680 million. Upon the IPO's completion, earnings per share are projected to be Rs7.25, with the forward P/E multiple estimated to be approximately 5.5 times, significantly lower than the current sector average of 18.75 times.
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