One hundred million ordinary voting shares of Mackwoods Energy Limited (MEL) will be listed today (25) on the Dirisavi Board of the CSE with the security Code MEL.N000. The company will be classified under the power and energy sector.
MEL raised Rs. 350 million through the issue of 25 million shares to the public at Rs. 14 each, amounting to a 25% stake of the company, post IPO. The IPO was oversubscribed by 1.14 times drawing 512 applications for 28,476,100 shares.
With a view to maximise investor participation, all retail investors and investors who applied up to and inclusive of 3,571,400 under nonretail investor category were allotted 100% of the shares applied for. Investors who applied for more than 3,571,400 shares were allotted minimum of 3,571,400 plus 24.67% of the shares applied for over and above 3,571,400 shares.
Mackwoods Energy, positioned as a total energy solutions provider, has been a leader in thermal energy solutions for well over a decade. This IPO will enable the company to broad-base its present operations into power plants, marine power generators and marine engines, and expand its activities in the renewable energy sector through several small hydro power projects, whilst undertaking in the future other non conventional renewable energy projects in wind and solar energy.
The proceeds of the IPO will be utilised to finance the working capital requirements of the core business of providing thermal power solutions, as well as to finance the diversification into small hydro projects through construction, rehabilitation and upgrading of the SHPs and to finance the future expansion plans by way of new products and services.
Mackwoods Energy Ltd., a member of the Mackwoods Group with a 170-year-old business heritage, was awarded ISO certificate for excellence in quality management systems and environmental management systems. It has powered the Sri Lankan economy for over a decade through its activities in key sectors including telecommunications, banking and finance, defence, relief and rehabilitation , disaster management leisure, plantations, construction and infrastructure, healthcare, marine, SME ,education, State utilities and industry, whilst expanding into international markets such as the Maldives.
source - www.ft.lk
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