WindForce begins trading at immediate premium to IPO price | Daily News

WindForce begins trading at immediate premium to IPO price

 Representatives from the CSE and WindForce. Picture by Dinesh Perera.
Representatives from the CSE and WindForce. Picture by Dinesh Perera.

Newly listed Windforce started trading yesterday at an 11.87% premium to the IPO price of Rs. 16.00. The share continued to rise in value and hit a high of Rs 19.00. The share ended the day’s trading at Rs. 18.40 with a Volume Weighted Average of Rs. 18.30. WindForce Chairman Ranil Pathirana noted that they had started WindForce in hopes of achieving the government’s goal of harnessing the abundant wind energy for the improvement in the capacity of the national grid.

Pathirana was speaking at the bell-ringing ceremony of the Colombo Stock Exchange yesterday.

Early investors in the company had taken a trip to India at the initial stages of the venture and realized that Sri Lanka was far behind its regional peers in the harnessing of wind power. India in certain regions has over 1,000 Megawatts of wind energy where Sri Lankan investors were sceptical of commissioning a 10 Megawatt plant.

Recalling the trip alongside investor V. K. Hirdaramani, Pathirana said, “we were like ants in comparison.” Pathirana noted that the initial day of trading for the company coincided with Global Earth Day. Pathirana highlighted that the company wanted to be a ‘global green energy company.’

The company is operational in many countries with notable operations in Ukraine, Uganda, Sri Lanka, and Pakistan. The company aims to enter Bangladesh and Africa.

CSE Chairman Dumith Fernando noted that it gave him great pride to see a socially conscious initiative like Windforce raise capital on the capital market. Windforce is the largest IPO in over 10 years. The company raised Rs 3.2 billion with assistance from Capital Alliance Partners Limited and CT CLSA Capital (Pvt) Ltd.

The entire filing process took 3 weeks with the market aiming to become more efficient and accommodative of companies that wish to raise capital on the stock exchange. Fernando noted that he would work to ensure that all post-listing interactions with the company go by smoothly.