Windforce Opens Its Biggest IPO In 9 Years
Posted 24,March

By Chaveendra Dunuwille

In Local News

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Windforce Ltd. Is considered as the fastest growing producer of renewable energy  in Sri Lanka. The company currently operates 27 power plants with the bulk of  the plants based in Sri Lanka and the remaining plants distributed across  Pakistan, Ukraine and Uganda.  

In terms of energy production the company has under its control 7 wind power  plants, 10 mini hydro plants and 10 solar power plants. 

The IPO which will officially open today (24th March 2021) is valued at LKR 3.2  billion and is the biggest IPO initiated by the company in 9 years. With the  previous biggest IPO being initiated by People’s Leasing (PLC) valued at LKR 7  billion back in 2012. The IPO is a landmark for the company as well as the capital  market.  

The IPO allows for 15% stake in the company or in other words 202 615 341 new  ordinary shares or par value LKR 10 and LKR 16 each. With the expectation of  the IPO to be heavily oversubscribed the funds raised will be utilized by the  company for various endeavors.  

LKR 927 million will be used for the construction of a 15 MW wind plant in  Mannar, LKR 1.4 billion will be used for the construction of a Solar power plant  in Senegal and a further LKR 923 million will be retained for future investments.