Maharaja Foods launches pioneering IPO on CSE’s Empower Board

From left: USAID Activity Team lead – PSD Juan Forero, CSE Vice President – Listing Kanishka Munasinghe, USAID Inclusive Finance Director – PSD Jude Fernando, CSE CEO Rajeeva Bandaranaike, USAID Deputy Director – Economic Growth Officer Dennis Wesner, CSE Chairman Dilshan Wirasekara, US Ambassador to Sri Lanka Julie Chung, Maharaja Foods Co-Founder/Non-Independent Executive Director Thavamalar Guganathan, MFL Managing Director Vithyanath Guganathan, MFL Chairman Vijayananth Guganathan, Atarah Capital Managing Director Rohan Senewiratne, GTV Global Holdings Director Gohulnath Guganathan, and Strategic Investor Dr. Thirugnanasambandar Senthilverl

Maharaja Foods Ltd. marked a significant milestone on 26 July, becoming the first woman-owned enterprise in the agribusiness sector with roots in the Northern Province, to list its shares on the Empower Board of the Colombo Stock Exchange (CSE). 

The Board is dedicated to facilitating efficient global capital raising for small and medium-sized companies (SMEs).

Non-Independent Executive Director and leader of the company Thavamalar Guganathan, rang the opening bell at a special ceremony on the CSE trading floor, symbolising the company’s historic entry into the capital market and its commitment to growth through transparent and robust financial practices.

Maharaja Foods Initial Public Offering (IPO) of 25,000,000 ordinary voting shares at Rs.5.00 per share aimed to raise Rs. 125,000,000 for expanding operations and enhancing market presence. The IPO exceeded expectations with a demand of nearly three times its offering size. It received 662 applications for 64.436 million shares valued at Rs. 322.183 million, highlighting strong investor confidence.

Reflecting on this remarkable milestone Maharaja Foods Ltd. Chairman Vijayananth Guganathan expressed that: “When Maharaja Foods was founded, our vision was clear: to bring Sri Lanka’s authentic flavours and rich culinary heritage to kitchens worldwide. Over the years, we have stayed true to this vision, delivering quality products to our consumers. The listing has opened global market doors, boosting consumer confidence in our standards. We aim to expand exports and support Sri Lanka’s economy.”

Maharaja Foods Ltd. is one of the key companies that were identified by the United States Agency for International Development (USAID) and CSE through the joint capital-raising awareness events for SMEs hosted in Jaffna, Matara, Colombo and other regional hubs. These events aimed to inform SMEs on the benefits of listing and raised awareness about the additional support offered by USAID through its CATALYZE Private Sector Development project’s “Funding Readiness” program.

Delivering the opening remarks CSE Chairman Dilshan Wirasekara said: “The oversubscription of Maharajah Food Ltd.’s IPO on its opening day shows strong investor demand for SMEs, despite their being underserved. The CSE seeks to address this by directing public investment to crucial sectors. Maharajah’s entry into agribusiness diversifies exchange listings, traditionally dominated by finance and banking, reflecting the market’s appetite for diverse opportunities.”

Reflecting on USAID’s support US Ambassador Julie Chung, highlighted: “Today’s listing is more than just a milestone — it stands as a powerful example for all Sri Lankans, showing that gender or other barriers should never limit ambition or achievement. As a committed development partner, the United States has spent the past 75 years supporting the economic empowerment of Sri Lankan businesswomen like Guganathan through investment, financing, advisory services, and partnerships. Together, we are eliminating barriers and enabling success for entrepreneurs across the country.”

USAID CATALYZE PSD’s Funding Readiness program provides specialised investment advisory services to micro, small and medium-sized companies, including Maharaja Foods Ltd., aimed at facilitating equity capital through CSE listings and private investors. Atarah Capital Ltd. was chosen to advise, guide, and support Maharaja Foods Ltd. throughout the initial listing process and subsequent activities. Maharaja Foods received tailored investment coaching and assistance to strengthen financial governance and operational readiness in preparation for its IPO. Atarah Capital will continue to support Maharaja Foods for the next two years as part of its role as a registered sponsor under CSE.

Atarah Capital, Manager to the IPO and Sponsor Managing Director Rohan Senewiratne commented: “Listing Maharaja Foods was a well-coordinated and collaborated effort despite the existence of cultural differences and language barriers. Over the past one and a half years, we were able to withstand such challenges and groom Maharaja Foods to reach the level of readiness to be listed in the CSE. Establishing corporate governance structures and best practices, financial restructuring and streamlining operations were key priorities in the preparation stage. I also thank IPO investors that trusted the story of Maharaja Foods and invested in the IPO, leading to oversubscription. Rest assured, Atarah Capital will continue engagement and offer guidance to the company, in order to adhere to post listing regulatory obligations and most importantly monitor the performance of the company, to deliver investment return to minority shareholders.