Exterminators Limited, Sri Lanka’s pest management and environmental enhancement technology company’s IPO will open today (14). The company will create history by becoming the first pest control company in South Asia and among the few in the world to be listed on a stock exchange.
The offer is managed by Atarah Capital Partners. Exterminators Limited offers 20% of the stake via the ‘Initial Public Offering’ (IPO) to raise Rs.60 million by offering 10,000,000 Ordinary Voting shares for LKR 6/= per share.
The funds raised through the IPO will be utilized to expand the company’s branch network by setting up three branches in 2022, building capacity by investing in novel equipment/technology and improving the vehicle fleet in the existing branches in Colombo and Kandy.
Exterminators also intend to set up pest control businesses in Maldives and UAE in 2022 and Seychelles, Botswana in 2023,” said Founder/Managing Director, The Exterminators, Marlon Ferreira.
The company plans to set up a premier 24×7 customer care and retail centre to market internationally renowned energy-saving, non-chemical pest management, health and safety brands. The funds will also be utilized to expand local manufacturing by further investing in ‘Made in Sri Lanka’ products to contribute to mitigating the out-flow of foreign exchange from the country.
Smart Guard Termiticide Replenishment System was designed and developed by Exterminators in 2019 utilizing 100% raw material produced in Sri Lanka to provide long-term protection against termites and in 2021, Exterminators exported the ‘Smart Guard System’ to a strategic partner in the Maldives to be installed at the new terminal project – Velana International Airport, Maldives.
Beyond the IPO objectives, the company plans to export the ‘Smart Guard System’ to South Asia, Central Asia, the Middle East, Africa, Indian and Pacific Island nations.