Exterminators’s IPO oversubscribed on opening day

Exterminators Limited, Sri Lanka’s premier pest management and environmental enhancement technology company’s IPO was oversubscribed in a matter of hours on the opening day.

The offer was managed by Atarah Capital Partners and 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.

Founder/Managing Director Marlon Ferreira, stated “we are delighted to be South Asia’s 1st and among the few pest control companies in the world to be listed in a stock exchange. We thank the CSE for introducing the ‘Empower Board’ for the SME sector in Sri Lanka. We believe that listing on the ‘Empower Board’ is the beginning of our journey as a listed entity. Our aim is to move into the ‘Main Board’ by 2025 subject to compliance with applicable listing rules and during this journey we will do whatever is required to exceed all stakeholder expectations by strictly adhering to the ESG framework by assessing the impact on sustainability and ethical practices at Exterminators in each and every step we take.”

The funds raised through the IPO will be utilized to expand the company’s branch network by setting up three branches in 2022, build capacity by investing on novel equipment/technology and improve the vehicle fleet in the existing branches in Colombo and Kandy. The company plans to set up a premier 24×7 customer care and retail center 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. Exterminators also intend to set up pest control businesses in Maldives & UAE in 2022 and Seychelles, Botswana in 2023.