June 26, 2024

Maharaja Foods announces IPO – themorning.lk

Maharaja Foods announces IPO


Maharaja Foods Limited has announced its plan to go into an Initial Public Offering (IPO) in the stock market.

Chairperson/Non-Independent Executive Director Vijayananth Guganathan, stated that MFPE predominantly focuses on exports, with 64% of income earned in Financial Year (FY)  2023/24 surpassing $ 1 million, hence raising fresh equity capital to finance business expansion and growth. “We will use the majority of IPO funds to set up a Raw Rice Plant and a Rice Polishing Plant, set up a Gingelly Oil plant, expand the building premises to Increase warehousing capacity, and secure additional working capital,” Vijayananth further stated.

Atarah Capital will act as the Financial Advisor and Manager to the Offer and Sponsor of the IPO. “We are delighted with our efforts to introduce a company with founders originating from the Northern Province to be listed in the CSE. Furthermore, MFPE is a women-owned enterprise, hence the listing would encourage women entrepreneurship in Sri Lanka, and inspire others to consider listing as an attractive option to raising equity capital,” stated Atarah Capital Managing Director Rohan Senewiratne  .

The Group is part of the portfolio of companies that have been supported by USAID CATALYZE PSD Activity through its Funding Readiness Programme. This programme builds capacity for growth and catalyzes funding for micro-, small- and medium-scale enterprises in the food, agriculture and ICT sectors in Sri Lanka, with a special focus on women-led businesses.

The Board of Directors are Chairperson/Non-Independent Executive Director Vijayananth Guganathan, Managing Director/Non-Independent Executive Director Vithyanath Guganathan, Non-Independent Executive Director Thavamalar Guganathan, Independent Executive Director Seyed Rizvi Mowlana, Independent Non-Executive Director Melanga A. Doolwala and Independent Non-Executive Director Imran Furkan.


Source – https://www.themorning.lk/articles/gobeIs9xsGTAVhShT3Eq