Top brush maker Beira group announces Rs.368mn IPO

The leading brush manufacturer, BPPL Holdings, also known as the Beira group, will be opting for a Rs.368.22 million initial public offering (IPO) on the Diri Savi Board of the Colombo Stock Exchange (CSE) next month.
The CSE yesterday said in an announcement that it has given the approval for the IPO, which would issue 30.69 million shares at a consideration of Rs.12 per share on March 7, 2017.
The Beira group offers multiple ranges of brushes under the janitorial, builder, food service and household categories. It also manufactures products using different materials such as vegetable fibres, animal fibres, wire and syntheric fibres for filaments, as well as wooden and plastic blocks.
The group’s factories are based in Ingiriya and use ethical sourcing such as recycled plastic and paper, and sustainable forestry for manufacturing, according to official statements.
The Beira group has been in operation since 1986 and is a large-scale exporter of brushes as well.
CT CLSA Capital (Pvt.) Ltd will be acting as the financial advisors and managers of the IPO, while S.S.P. Corporate Service (Private) Limited will be the registrars to the issue.