Maharaja Foods IPO snapped up on opening day

The Initial Public Offering (IPO) of Maharaja Foods Limited, a 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 a total sum of 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 Thavamalar Guganathan, Executive Non-Independent Director of the company.

“We are extremely delighted to witness a high demand for the shares of the company at the IPO. The Registrar to the issue Central Depositary Systems (Pvt) Ltd is yet to process 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,” noted Guganathan         

Founded by entrepreneur late Sivasaraman Guganathan hailing from Velani-Jaffna, Maharaja Food Products brand was 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.

Atarah Capital acts as the Financial Advisor and Manager to the Offer and Sponsor.