SE Fruits and Vegetable IPO book-building subscribed in two hours
The book-building portion of SE Fruits and Vegetable Limited’s Initial Public Offering (IPO) was fully subscribed within two hours of opening on Monday. Bidding will continue until September 22, and the final strike price will be determined upon completion of the book-building process, a statement said. SE Fruits and Vegetable Limited is offering 30 million ordinary shares, representing 32.01% of…
SE Fruits and Vegetable Limited's IPO book-building process concluded within two hours on Monday. Shareholders quickly snapped up 30 million ordinary shares, making up 32.01% of the company's post-IPO capital. The offering will continue until September 22, with the final strike price set after the book-building concludes. SE Fruits and Vegetable Limited aims to raise at least Rs1.20 billion at the floor price of Rs40 per share, with the potential to raise up to Rs1.92 billion if the strike price reaches the maximum of Rs64 per share.
The IPO was granted SECP approval, with 22.5 million shares offered through book building and the remaining 7.5 million shares available to the general public on September 28 and 29. Topline Securities Limited and Growth Securities Limited are the joint lead managers for the issue. The proceeds will bolster SE Fruits and Vegetable's working capital, enabling the company to expand its seasonal procurement, boost processing throughput, and capitalize on growing international demand for its agricultural products, which are exported to over 22 countries.
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