Windforce IPO likely to be announced this week

The official announcement of the initial public offering (IPO) of Windforce (Pvt) Ltd. is expected on the Colombo Stock Exchange (CSE) this week, Mirror Business learns.

Becoming the first IPO for this year, the company is expected to raise Rs.3.2 billion from the public.

The Securities and Exchange Commission (SEC) in early January announced that CSE had been granted the full autonomy over the IPO process. 

Windforce, which is the country’s largest private-sector renewable energy producer with a diverse energy mix is planning to offer 15 percent stake in the company with expectations to raise up to Rs.3.2 billion.

From the expected IPO proceeds, the company plans to invest Rs.927 million in a 15MW wind plant in Mannar and Rs.1.38 billion in a 30MW solar plant with 7.5MW battery storage in Senegal, while retaining the remaining Rs.932 million for potential future projects.

The company’s total power generation capacity stands at 218 MWs (effectively controlling 126MW) and 77 percent of the effective capacity is based in Sri Lanka and the rest across Uganda, Pakistan and Ukraine. 

With the proposed listing, the company is expected to become by far the largest renewable energy player listed on the CSE, exceeding the number two listed renewable energy player by over five times in terms of size. 

Currently, Akbar Brothers has 38.86 percent stake in the company as the largest shareholder followed by Hirdaramani holding 27 percent stake. IT product supplier Debug Investments also has 14.29 percent in the company while corrugated carton manufacturer Star Pack Investment has 9.36 percent. In addition, MAS Holdings has 3.89 percent in the company through its subsidiary Amaliya (Private) Limited.