Empower Board debutant Chrissworld IPO snapped up

• Former SEC Chief Ranel T. Wijesinha hails SME-centric Empower Board’s first entrant’s preliminary success

The historic Initial Public Offering (IPO) of warehouse and logistics firm Chrissworld Ltd., worth Rs. 56.25 million, was snapped up on the official opening day yesterday, leading to its closure. 

The company offered 7.5 million shares at Rs. 7.50 each. It is the first IPO for the Colombo Stock Exchange’s Empower Board, promoting Small and Medium Enterprises. Financial Advisor and Manager to the Offer and Sponsor was Atarah Capital Partners Ltd.

Former Securities and Exchange Commission (SEC) Chairman Ranel T. Wijesinha, under whose term the Empower Board was approved, yesterday extended his “heartiest congratulations to Chrissworld, Atarah Capital and Rohan Senewiratne,” for making it happen. 

“This is long overdue for the CSE and the country. I am delighted to see this first entry into a platform that we established in July 2018,” Wijesinha added.

He recalled having set a deadline for the launch of the Empower Board, just four to five weeks from the date he was appointed Chairman of the SEC. 

“I am grateful to the CSE and my people at the SEC who rallied round to help us fine-tune guidelines in particular the key changes I was keen on viz. the half yearly reporting requirement, approval to apply SME accounting standards, the removal of the accredited investor restrictions and the introduction of the ‘sponsor’ instead,” Wijesinha said. 

He expressed the desire to see a greater role being played by the accounting profession, business chambers and banks, noting that it took three years. 

“My congratulations and very best wishes once again to Chrissworld and I hope as the first entity on the Empower Board, you will be a role model in all respects whether it is strategy and strategic direction, profitability and integrity, good governance and business ethics,” Wijesinha added.