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Windforce To Announce Potential IPO This Week
Posted 4,March

By Chaveendra Dunuwille

In Local News

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Windforce (Pvt.) Ltd is the largest private sector energy producer that is listed in the Colombo Stock Exchange. The company possesses a total power generating capacity of 218 MW (effectively control 126 MW), 77% of its energy generating capacity is located in Sri Lanka, while the rest is distributed between Pakistan, Ukraine and Uganda.

According to the most recent reports the Akbar Brothers are the largest shareholders in the company with 38.86% stake in the company followed with Hirdaramani – 27%, Debug Investments – 14.29%, Starpak Investments – 9.36% and MAS Holdings holds a 3.89% stake through its subsidiary Amaliya Pvt. Ltd.

An announcement in relation to the initial public offer (IPO) of Windforce Pvt. Ltd is expected to be made on the Colombo Stock Exchange this week. This IPO plans to offer a 15% stake in the company that is expected to raise LKR 3.2 billion. This process will be handled by the CSE as it has been granted full authority over matters according to The Securities & Exchange Commission (SEC) With the expected the revenue from the IPO the company hopes to invest LKR 927 million in a 15 MW Wind power plant in Mannar and a further LKR 1.38 billion on a 30 MW solar power plant as well as a 7.5 MW Battery storage in Senegal. The company hopes to retain LKR 932 million for potential future investments.

If successfully handled with the proposed listing the company is poised to become the largest renewable energy player in the market.