Maharaja Foods Limited marked a significant milestone on July 26, becoming the first woman-owned enterprise in the agribusiness sector with roots in the Northern Province, to list its shares on the Empower Board of the Colombo Stock Exchange (CSE). The Board is dedicated to facilitating efficient global capital raising for small and medium-sized companies (SMEs).
Non-Independent Executive Director and leader of the company Thavamalar Guganathan, rang the opening bell at a special ceremony on the CSE trading floor, symbolizing the company’s historic entry into the capital market and its commitment to growth through transparent and robust financial practices.
Maharaja Foods Limited’s Initial Public Offering (IPO) of 25,000,000 ordinary voting shares at Rs 5 per share aimed to raise Rs 125,000,000 for expanding operations and enhancing market presence. The IPO exceeded expectations with demand nearly three times its offering size highlighting strong investor confidence.
Chairman of Maharaja Foods Limited, Vijayananth Guganathan said, “When Maharaja Foods was founded, our vision was clear: to bring Sri Lanka’s authentic flavours and rich culinary heritage to kitchens worldwide. Over the years, we have stayed true to this vision, delivering quality products to our consumers. The listing has opened global market doors, boosting consumer confidence in our standards. We aim to expand exports and support Sri Lanka’s economy.”
Maharaja Foods Limited Established in 1995 as Vijeya Enterprises by Sivasaraman Guganathan is one of the key companies that were identified by the United States Agency for International Development (USAID) and CSE through the joint capital-raising awareness events for SMEs hosted in Jaffna, Matara, Colombo and other regional hubs. Chairman of the CSE Dilshan Wirasekara, said, “The oversubscription of Maharajah Food Limited’s IPO on its opening day shows strong investor demand for SMEs, despite their being underserved. The CSE seeks to address this by directing public investment to crucial sectors. Maharajah’s entry into agribusiness diversifies exchange listings, traditionally dominated by finance and banking, reflecting the market’s appetite for diverse opportunities.”
Reflecting on USAID’s support, Julie Chung, U.S. Ambassador said, “Today’s listing is more than just a milestone—it stands as a powerful example for all Sri Lankans, showing that gender or other barriers should never limit ambition or achievement.”
“As a committed development partner, the United States has spent the past 75 years supporting the economic empowerment of Sri Lankan businesswomen like Guganathan through investment, financing, advisory services and partnerships.Together, we are eliminating barriers and enabling success for entrepreneurs across the country.”
Managing Director of Atarah Capital, Manager to the IPO and Sponsor Rohan Senewiratne, commented, “listing Maharaja foods was a well-coordinated and collaborated effort despite the existence of cultural differences and language barriers.Over the past one and a half years, we were able to withstand such challenges and groom Maharaja Foods to reach the level of readiness to be listed in the Colombo Stock Exchange.
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