JAT Holdings Limited (JAT-N-0000) commenced trading on the Main Board of the Colombo Stock Exchange (CSE) today (August 12 2021). The company listed 510,407,773 Ordinary Voting Shares and has been classified under the Industry Group “Materials (1510)”. The company closedtrading today at LKR 24.20.
JAT Holdings Limited Initial Public Offering (IPO) of 82,904,846 Ordinary Voting Shares by way of a combination of an offer for subscription and an offer for sale at the CSE was opened on 20th July 2021 and was oversubscribed on the initial day itself. The said issue by JAT Holdings Limited received applications for over LKR 2.2 Bn. Joint Financial Advisers and Managers to the offer are CAL and NDB Investment Bank Limited.
Commenting on the listing, the Chairman of the CSE Mr. Dumith Fernando congratulated the company “We are pleased to welcome JAT Holdings Limited as the 04th equity listing on the CSE for the year 2021. JAT Holdings Limited is a strong Sri Lankan brand and a leader in the industry. We are honored to be facilitating their capital requirements for the company’s expansion projects in their objective of adapting to global trends and needs.”
Founder and Managing Director/Executive Director of JAT Holdings Limited, Mr. Aelian Gunawardene welcomed the new shareholders to the company and added “‘A journey of a thousand miles begins but with a single step.’ So observed the ancient Chinese philosopher, Lao Tzu. 28 years ago, I embarked upon one such journey, founding JAT Holdings. The milestones I have passed along the way are many, however, the listing of the Company on the Colombo Stock Exchange has been one of our Team’s top achievements. This has been a coveted goal since we embarked on our first round of private placements in 2014.
We are honoured to state that JAT is the only Company on the Colombo Stock Exchange entrenched in the Paint Manufacturing, Marketing and Exporting industry and can ensure our shareholders enjoy great returns in the short and long terms.
It is with great pride that I announce that we have already set out to fulfill, far ahead of schedule, the commitments made to our trusted shareholders by securing the required premises and factory formanufacturing purposes in Bangladesh and shipping out the required machinery. Further we have just purchased the required land to build our State-of-the-Art R&D centre.
As a result, the revenue, and subsequent targets from manufacturing and R&D given in our prospectus can now be brought forward.
Our Chairman Dr. Siva Selliah, Board of Directors and I wish to thank all those who have assisted us on this journey. Those include, our Joint Financial Advisers and Managers to the offer CAL & NDBIB, our Secretaries to the Issue, our CEO Nishal Ferdinando, the entire team at JAT and all our shareholders who have showed unstinting faith in the Company”
Commenting on the listing of JAT Holdings Limited,Managing Director – Global Markets and Investment Banking of CAL, Mr. Deshan Pushparajah remarked “As the undisputed giant in the wood coatings space in Sri Lanka, Bangladesh and the Maldives, JAT is a shining example of how Sri Lankan businesses can compete and succeed on the global stage. CAL is proud to have partnered with JAT on this landmark IPO as Joint Financial Advisor and Manager to the offer. We wish to congratulate JAT on its trading debut and wish the leadership team the very best for the future”.
Director/ Chief Executive Officer of NDB Investment Bank Limited, Mr. Darshan Perera added “The IPO of JAT was a novel offering to the market in that it was the first paints and furnishing company to list on the CSE. It is indeed a positive development to see promoters who have built solid businesses opting to list on the CSE and share their growth stories with the investing public. We at NDBIB are honoured to have partnered with JAT on this milestone event as Joint Financial Advisor and Managers to the Offer and I wish JAT all the very best in its future growth prospects as a listed entity on the CSE.”