PSX Confirms Full Refunds for SE Fruits IPO Investors

The Pakistan Stock Exchange (PSX) has confirmed that all funds collected from investors in the initial public offering (IPO) of SE Fruits and Vegetable Limited have been refunded to their respective bank accounts following the withdrawal of the offering. In a notice dated October 22, 2026, the PSX said the refunds were completed in accordance with a directive from the Securities and Exchange Commission of Pakistan (SECP) following the company's decision to withdraw its IPO. Investors Can Contact Banks for Details The PSX advised investors seeking further information or clarification to contact their respective banks or the intermediaries through which they submitted their IPO subscriptions. Investors with additional questions or concerns can also contact the exchange at [email protected], according to the notice. SE Fruits and Vegetable Limited secured approval from the Securities and Exchange Commission of Pakistan (SECP) in September 2026 to issue and publish a prospectus for its initial public offering of 30 million ordinary shares. The IPO proceeded to the book building stage, but the SECP subsequently suspended further proceedings to protect investors after discrepancies emerged in the prospectus. A complaint received on September 11, two days after the prospectus approval, flagged differences between reported sales and sales tax returns for 2022 to 2026, unreported local sales in the company's 2024 income tax return, and gaps between reported sales and bank credits. On October 13, the company announced it would withdraw its existing application and refile with expanded disclosures about the transition of its underlying business from a partnership operating since 1998 to a public limited company incorporated in 2026. The SECP has publicly announced regulatory action and launched a formal investigation on to examine the prospectus, the auditor's work, the issue consultant's due diligence, the Pakistan Stock Exchange's oversight and the regulator's own approval procedures.