Good debut by Maharaja Foods at CSE

Latest debutant at the Colombo Stock Exchange and 285th the listed entity, Maharaja Foods Ltd., had a good start yesterday.

The Company saw 3.5 million of its shares change hands via 548 trades generating a turnover of Rs. 18.2 million. The share closed at Rs. 5.20, up 20 cents or 4% from its IPO price.

The IPO of 25 million shares at Rs. 5 each was oversubscribed on its official opening day on 4 July.

Targeting a capital raise of Rs. 125 million, the IPO attracted overwhelming interest, receiving 662 applications totalling Rs. 322 million, which is nearly three times the initial target.