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Exterminators open trading on March 30

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Business
Chaaminda Ratnayake and Rohan Senewiratne

 Exterminators Limited will commence trading on the Colombo Stock Exchange on March 30.

The IPO was opened on March 14 and it was oversubscribed approximately 4 times in a matter of hours on the opening day itself, receiving 1,485 applications, which is a significant achievement considering the present volatile market conditions and unfavorable macroeconomic factors in the country. Retail category was oversubscribed by 2 times, the Unit trusts category by 3.2 times and non-retail category by 5.6 times.

Exterminators Limited offered 20% of the stake via the ‘Initial Public Offering’ (IPO) to raise Rs.60 million by offering 10,000,000 Ordinary Voting shares at a price of Rs 6 per share.

Exterminators will create history by becoming South Asia’s first and among the few pest control companies in the world to be listed on a stock exchange.

“The financial performance of the Company was further improved in the first 11 months for the current financial year.

The PAT increased by 60% from Rs 14.7 million in FY 20/21 to Rs 23.5 million FY 21/22, Earnings per share increased by 29% to Rs 0.59 from Rs 0.46 and the P/E ratio stands at 10x as at February 28.

Exterminators Limited enters the capital markets domain as a listed entity on the Empower Board; however it has tremendous growth prospects to become a larger company and thereafter migrate to the Main Board of the CSE,” Chairman of Exterminators Chaaminda Ratnayake said.

Rohan Senewiratne (Managing Director, Atarah Capital Partners, the Manager to the Issue and Sponsor of the IPO) stated, “We thank the CSE for introducing the ‘Empower Board’ for the SME sector in Sri Lanka and Atarah Capital Partners for encouraging and guiding SME’s to list on the CSE.

SME is the backbone of the economy of any country varying the contribution to GDP from 40% to 60%.”Chairman of Exterminators Limited Chaaminda Ratnayake stated.

 

 

 

 

 

Tuesday, March 29, 2022 – 01:00











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