Agarapathana Rs. 747.6 m IPO opens on 10 August

Friday, 21 July 2023 00:00 - - {{hitsCtrl.values.hits}}

From left: Capital Alliance Partners Head of Equity A. Vijayaram, Agarapathana Plantations Finance Director K.K Mohideen, Non-Executive Director A. Rajaratnam, Chairman S.D. R. Arudpragasam, Executive Director S.S Poholiyadadde and CEO D.R Madena

– Pic by Upul Abayasekara

One of Sri Lanka’s leading plantation companies, and one focused on innovation and growth, Agarapathana Plantations Ltd., yesterday officially announced its Initial Public Offering of Ordinary Voting Shares.

Accordingly, 83,070,111 or 16.61% of the Ordinary Voting Shares of Agarapathana Plantations Limited will be offered to the Public at an Issue Price of Rs. 9 per share, with the Company seeking to raise a total of Rs. 747,630,999 through public investment, and a listing on the Diri Savi Board of the Colombo Stock Exchange. The IPO is being managed by Capital Alliance Partners.

Agarapathana Plantations Executive Director Kowdu Mohideen said: “We’re pleased to present investors with an excellent value proposition and a compelling discount to the valuation based on the price to earnings and EV/Hectare metrics. The funds raised by the issue will go towards factory modernisation while also helping reduce borrowing costs. The investor forum will provide an excellent opportunity for the media, and all interested potential stakeholders, and the public, to witness our value proposition first-hand, make any clarifications. We look forward to a lively and engaging event, and heavy interest in our Issue thereafter.”