SE Fruits IPO probe: SECP seeks export records from seven banks

The Securities and Exchange Commission of Pakistan (SECP) has initiated an investigation into the proposed Initial Public Offering (IPO) of SE Fruits and Vegetable Limited, a Punjab-based fruit exporter. The probe has led to the request for export records from seven banks, as well as information on foreign remittances, export proceeds, and other foreign exchange transactions received in the accounts of the company’s sponsors and directors.

The investigation was launched on October 21 under Section 29 of the SECP Act, 1997, and received information from the IPO’s joint lead managers, Topline Securities and Growth Securities. The SECP is currently reviewing the responses from these banks and other parties involved, with some banks providing partial responses. The investigation aims to examine the IPO application and shareholder information, as concerns have been raised about the company’s financial information and audit.

SE Fruits had planned to raise Rs1.92 billion by offering 30 million shares at Rs40 each, but the IPO was halted in October and subsequently withdrawn.

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