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Ex-pack rings bell to debut trading 

10 Nov 2021

Ex-pack Corrugated Cartons Ltd. held the bell ringing ceremony at the Colombo Stock Exchange (CSE) marking the commencement of trading yesterday (10) as Ex-pack listed to the main board of the CSE.  Making the opening remarks, CSE Chief Executive Officer Rajeeva Bandaranaike stated: “The encouraging response to the initial public offering (IPO) with an oversubscription of over 11 times on the opening day itself bears testimony to the company’s potential and the trust and confidence.”  As the sixth equity listing of the CSE and 24th issue of the year 2021, on the day of opening of the IPO (22 October) Rs. 700 million was oversubscribed within minutes.  Through the IPO of Ex-pack Corrugated Cartons, the company offered 83,333,333 ordinary voting shares (a 25% stake) at a price of Rs. 8.40 per share. It subsequently resulted in a projected market capitalisation of Rs. 2.8 billion.  On the 11-time oversubscription at the IPO, CAL Senior Vice President and Head of Enterprise Content Management (ECM) and Mergers and Acquisitions (M&A) Rizny Faisal said: “We couldn’t be more pleased at the outcome of this issue and take this opportunity to congratulate Ex-pack on presenting such a good case for investors. Given the unprecedented levels of interest in this issue, we have successfully guided the company at every step of the way.”  Prior to the IPO, the controversy that caused Ex-pack introducing themselves as the market leader of the corrugated cartons industry made Ex-pack agree upon the title of “one of the largest” in their prospectus to the CSE.

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