The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its probe into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited, formerly known as Shaheen Enterprises.
The regulator has also requested details from 30 banks regarding foreign remittances, export earnings and other foreign exchange transactions in accounts maintained by the company’s sponsors and directors. Responses received from some banks are being examined.
The SECP launched the investigation on October 21, 2026, under Section 29 of the SECP Act, 1997. Information submitted by the IPO’s joint lead managers, Topline Securities and Growth Securities, as well as consultant Parker Russell–A.J.S., is also under review.
Investigators are scrutinising the IPO application and shareholder records. The Central Depository Company (CDC) provided an investor list, following which the SECP requested shareholder details and transfer histories of individuals mentioned in the prospectus. The regulator is reviewing the CDC’s partial response, received on November 2.
Meanwhile, the company’s auditor, Ilyas Saeed & Co., has been granted additional time to submit the requested documents and records.
SE Fruits had planned to raise Rs1.92 billion through 30 million shares at Rs40 apiece. However, the SECP suspended the IPO in October, prompting the company to withdraw the offering.
