In a historic move, Maharaja Foods Ltd., an agribusiness enterprise with roots in Sri Lanka’s Northern Province, has become the first woman-owned company in its sector to list on the Colombo Stock Exchange’s (CSE) Empower Board. This significant milestone is aimed at supporting small and medium-sized enterprises (SMEs) in raising global capital efficiently.
During a special ceremony at the CSE trading floor, Non-Independent Executive Director Thavamalar Guganathan rang the opening bell, marking Maharaja Foods’ landmark entry into the capital market. The company’s Initial Public Offering (IPO) of 25 million ordinary voting shares at Rs. 5 each successfully raised Rs. 125 million. The IPO was met with overwhelming demand, receiving 662 applications for nearly three times the number of available shares, reflecting strong investor confidence.
Pioneering Vision
Chairman Vijayananth Guganathan shared his excitement and forward-looking vision:
“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.”
SME Support
Maharaja Foods Ltd. is one of the key companies identified by the United States Agency for International Development (USAID) and CSE through joint capital-raising awareness events. These events, hosted in Jaffna, Matara, Colombo, and other regional hubs, aimed to educate SMEs on the benefits of listing and the support available through USAID’s CATALYZE Private Sector Development project.
CSE Chairman Dilshan Wirasekara emphasized the importance of the listing:
“The oversubscription of Maharaja Foods Ltd.’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. Maharaja’s entry into agribusiness diversifies exchange listings, traditionally dominated by finance and banking, reflecting the market’s appetite for diverse opportunities.”
Empowering Women
Reflecting on the broader impact, U.S. Ambassador Julie Chung highlighted the significance for women entrepreneurs:
“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.”
Ongoing Support
Maharaja Foods Ltd. received specialized investment advisory services from USAID CATALYZE PSD’s Funding Readiness program, aimed at facilitating equity capital through CSE listings and private investors. Atarah Capital Ltd., the Manager to the IPO and Sponsor, provided comprehensive support throughout the listing process.
Rohan Senewiratne, Managing Director of Atarah Capital, commented on the collaborative effort:
“Listing Maharaja Foods was a well-coordinated and collaborative effort despite 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 CSE. Establishing corporate governance structures and best practices, financial restructuring, and streamlining operations were key priorities in the preparation stage. I also thank IPO investors that trusted the story of Maharaja Foods and invested in the IPO, leading to oversubscription. Rest assured, Atarah Capital will continue engagement and offer guidance to the company to adhere to post-listing regulatory obligations and monitor the performance of the company to deliver investment return to minority shareholders.”
This landmark event not only marks a significant achievement for Maharaja Foods Ltd. but also sets a precedent for future woman-owned enterprises in Sri Lanka’s agribusiness sector.