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WindForce’s Rs.3.2bn IPO oversubscribed

25 March 2021 08:45 am - 0     - {{hitsCtrl.values.hits}}


Renewable energy giant WindForce Limited (WIND) said its Initial Public Offering (IPO) worth Rs.3.2 billion, which officially opened yesterday on the Colombo Stock Exchange (CSE), was oversubscribed on the opening day.

The WindForce IPO is the biggest IPO to hit the CSE since 2011, as the previous biggest IPO in recent years was that of People’s Leasing (PLC), worth Rs.7 billion in 2012.

WindForce offered 202.6 million shares or a 15 percent stake, at an issue price of Rs.16.00 each. Following the oversubscription, WindForce said the issue would close at 4:30 p.m. yesterday and the basis of allotment would be notified to the CSE in due course.WindForce was incorporated in July 2010 to promote and handle all aspects of renewable energy developments in Sri Lanka and overseas. It is a pioneer in wind power generation in Sri Lanka and one of the first players in solar power generation.

Out of the IPO proceeds,  the company plans to allocate a sum of Rs.2,310 million as equity investment for a wind power project in Mannar and a solar power project in Senegal. 

The remaining funds of Rs.932 million will be utilised for future projects the company intends to undertake in Sri Lanka or in other countries. 

The total installed capacity of the company will increase from 218MW to 263MW, with the completion of the projects in the pipeline, which would further strengthen the company’s position as the largest renewable energy independent power producer (IPP) in Sri Lanka and one of the largest in the region. 

WindForce’s share structure is primarily consisted of leading local family businesses – including Akbar Brothers Group (post-IPO stake of 33 percent), Hirdaramani (20.7 percent), Debug Investments (12.1 percent) and MAS Holdings (3.3 percent).

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