Historic Maharaja Foods IPO snapped up on opening day

Friday, 5 July 2024 04:00 - - {{hitsCtrl.values.hits}}

The Initial Public Offering (IPO) of Maharaja Foods Ltd., manufacturer, exporter and distributor of authentic Sri Lankan foods and other groceries, was oversubscribed on the official opening day yesterday, leading to its closure.

The company offered 25 million shares at Rs. 5 each to raise Rs. 125 million.

It is the first IPO for the Colombo Stock Exchange’s Empower Board, where the company is a women owned enterprise, led by Executive Non-Independent Director Thavamalar Guganathan.

“We are extremely delighted to witness a high demand for the shares of the company at the IPO,” said Guganathan.

The Registrar to the issue Central Depositary Systems Ltd. is yet processing the large number of applications received from various regions of the county including Jaffna and Vavuniya. The final tally of IPO applications would be known within a couple of days.

Founded by the visionary entrepreneur late Sivasaraman Guganathan hailing from Velani -Jaffna, Maharaja Food Products brand launched in 1995, sourcing premium quality food items such as rice, potatoes, onions, and lentils etc., empowering local farmers whilst providing high quality food products to its customers.

Maharaja Foods has its own product portfolio manufactured in-house, as well as being involved in the export of other third-party products (consumables, household items etc.) that are demanded by the expatriates of Asian origin residing globally. With a dedication to nourishing the nation and embracing innovation, the company continues to redefine excellence in the food industry, embodying resilience, and a steadfast commitment to providing healthy, high-quality offerings for generations to come.