Maharaja Foods Limited announces IPO

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➢ Plans to raise LKR 125mn, offer 20% stake, 25 million shares at LKR 5/= per share 

➢ Hybrid Investor Forum on 26th June. Offer opens on 4th July 2024  

➢ Brand presence in the market since 1995, a women-owned enterprise since 2016 

➢ Will become the first women-owned enterprise with founders’ origins from the Northern  Province, Velani -Jaffna to be listed in the CSE 

➢ Atarah Capital will act as the Financial Advisor & Manager to the Offer and Sponsor of the IPO

➢ MFPE will be the first CSE listing under the USAID CATALYZE Sri Lanka Private Sector Development (PSD) Activity’s Funding Readiness Program, aimed at facilitating equity capital for  SMEs through CSE listings and private investors. 

Ms. Thavamalar Guganathan Non-Independent Executive Director, Mr.Vijayananth Guganathan Chairman / Non-Independent Executive Director, Mr. Vithyanath Guganathan Managing Director/ Non-Independent Executive Director, Mr. Imran Furkan Independent Non-Executive Director, Mr. Melanga A Doolwala Independent Non-Executive Director, Mr. Rohan Senewiratne Managing Director, Atarah Capital (pvt)Ltd and Mr. Chandana Wijesundara Head of investment Banking, Atarah Capital (pvt)Ltd

Founded by the visionary entrepreneur late Sivasaraman Guganathan hailing from Velani -Jaffna,  Maharaja Food Products brand launched in 1995, sourcing premium quality food items such as rice,  potatoes, onions, and lentils etc., empowering local farmers whilst providing high quality food products  to its customers. Today, the company stands as a symbol of quality and innovation, enriching lives with a  diverse array of products including rice-based and flour-based products, spices, fish-based products, and  a range of grocery items, serving both local and overseas consumers through its network of distributors  in Sri Lanka, France, United Kingdom and Australia.  

Ms. Thavamalar

In June 2022, Maharaja Marketing (Pvt) Limited was formed as a 100% owned subsidiary, to focus on local  distribution whereas MFPE became an export-oriented company. The registered office of the Company is  at No 18/3, Dr. E.A. Cooray Mawatha, Colombo 06 and the manufacturing and processing facility is in  Wattala where all production, packing, storage and distribution take place.  

“After the demise of my husband in 2016, I was determined to continue his vision for the company with  the support of my sons. I am delighted that within a period of 8 years under my leadership, we were able  to upscale corporate governance structures and finance governance best practices to a level that MFPE met the eligibility criteria for a listing in the CSE, along with sound financial performance to attract stock  market investors during the IPO, noted Ms. Thavamalar Guganathan, Executive Non-Independent Director  of MFPL.  

Representing the second generation of the family, Mr. Vijayananth Guganathan, Chairman / Non Independent Executive Director stated that MFPE predominantly focuses on exports, with 64% of income earned in FY 23/24 surpassing USD 1mn, hence raising fresh equity capital to finance business expansion  and growth. “We will use majority of IPO funds to set up a Raw Rice Plant and a Rice Polishing Plant, setup  a Gingelly Oil plant, expand the building premises to Increase warehousing capacity, and secure additional  working capital, Vijayananth further stated. 

MFPE also has a 5000+ local distribution channels. 

Atarah Capital will act as the Financial Advisor & Manager to the Offer and Sponsor of the IPO. “We are  delighted on our efforts to introduce a company with founders originating from the Northern Province to  be listed in the CSE. Furthermore, MFPE is a women-owned enterprise, hence the listing would encourage  women entrepreneurship in Sri Lanka, and inspire others to consider listing as an attractive option to raising equity capital, stated Mr. Rohan Senewiratne Managing Director Atarah Capital.  

The MFPE Group is part of the portfolio of companies that have been supported by USAID CATALYZE PSD  Activity through its Funding Readiness Program. This program builds capacity for growth and catalyzes  funding for micro, small and medium enterprises in the Food, Agri and ICT sectors in Sri Lanka, with a  special focus on women-led businesses. 

MFPE Group has their own product portfolio manufactured in-house, as well as being involved in the  export of other third-party products (consumables, household items etc.) that are demanded by the  expatriates of Asian origin residing globally. With a dedication to nourishing the nation and embracing  innovation, MFPE Group continues to redefine excellence in the food industry, embodying resilience, and  a steadfast commitment to providing healthy, high-quality offerings for generations to come. 

MFPE Board of Directors are Vijayananth Guganathan (Chairman / Non-Independent Executive Director),  Vithyanath Guganathan (Managing Director / Non-Independent Executive Director), Ms. Thavamalar  Guganathan (Non-Independent Executive Director), Seyed Rizvi Mowlana (Independent Executive  Director), Melanga A Doolwala (Independent Non-Executive Director) and Imran Furkan (Independent  Non-Executive Director) 


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