SE Fruits and Vegetable Limited’s Initial Public Offering (IPO) received bids for 1.6 times the shares available during the book-building process, which ended Tuesday at Rs. 40 per share.

The company completed the book-building portion after attracting enough bids to cover the offered shares within the first two hours of the process on Monday.

The IPO involves 30 million ordinary shares, equivalent to 32.01 percent of the company’s post-IPO paid-up capital. At the final price of Rs. 40 per share, the company is set to raise Rs. 1.2 billion.

Institutional investors and high-net-worth individuals participated in the book-building portion, which covered 22.5 million shares, or 75 percent of the total IPO. This portion will generate Rs. 900 million.

The remaining 7.5 million shares will be offered to the general public at Rs. 40 per share on September 28 and 29. The public portion is expected to raise another Rs. 300 million.

Topline Securities Limited and Growth Securities Limited are serving as joint lead managers for the issue.

SE Fruits and Vegetable Limited plans to use the funds mainly for working capital. The additional financing will help the company increase seasonal purchases, expand processing capacity and cater to rising overseas demand.

The Sargodha-based company, previously known as Shaheen Enterprises, has been operating for nearly three decades. It processes and exports kinnow, mangoes and potatoes.