Hela Apparel Holdings debuts trading on Colombo Stock Exchange

From left: Hela Kinetix CEO Viraj Fernando, Hela Intimates Director – Design and Innovation Sajeeka De Silva, Hela Apparel Holdings Non-Executive Director Aroshi Nanayakkara, Hela Apparel Holdings Primary Shareholder Tom Singh, Colombo Stock Exchange Chairman Dumith Fernando, Hela Apparel Holdings Chairman A.R. Rasiah, Colombo Stock Exchange Chief Regulatory Officer Renuke Wijayawardhane, Hela Apparel Holdings longest-serving employee Shamali Perera and Hela Kids Wear CEO Sanath Amaratunga

The shares of Hela Apparel Holdings Ltd., (CODE: HELA-N-0000) commenced trading on the Colombo Stock Exchange (CSE) yesterday.

The shares have been listed on the Main Board of the CSE under the ‘Consumer Durables & Apparel’ sector. 

The occasion was marked with a special Bell Ringing Ceremony.

The Company saw 52.14 million of its shares changing hands via 14,449 trades for Rs. 1 billion. It touched an intra-day high of Rs. 22 before closing at Rs. 18.60, up by Rs. 3.60 or 24% from its IPO price of Rs. 15.

Representing Hela Apparel Holdings were Chairman A.R. Rasiah and Group CEO Dilanka Jinadasa together with other members of the Board of Directors and senior management of the company, as well as the longest-serving employee. 

The Joint Financial Advisors and Managers to the IPO were also represented by CT CLSA Holdings Group Chief Operating Officer and Head of Investment Banking Zakir Mohamedally, and CAL Partners Managing Director Deshan Pushparajah.

The CSE was represented at the event by Chairman Dumith Fernando, Chief Regulatory Officer Renuke Wijayawardhane, and the CSE Senior Management.

Speaking at the ceremony, CSE Chairman Fernando, congratulated Hela Apparel Holdings on its initiative to go public. 

“We have the largest IPO in the equity market since the resurgence of the equity markets on the CSE. So, it is indeed a happy day for the CSE, as much as it is for Hela Holdings. 

It is also impressive that we are bringing together not just the largest IPO but something that was oversubscribed by about five and a half times. That’s an issue of Rs. 4 billion. That also gives us at CSE a lot of confidence in the strength of this capital market as a venue for fundraising. 

CSE’s objective has been to not only bring more companies into the market, but also a much more diverse group of companies that gives many more options for investors to participate in this market. In that regard, having a company like Hela Apparel Holdings that is entirely export-focused at a time when many investors are looking for export-oriented companies to invest in is advantageous. 

Hela Apparel Holdings is truly an international company with 18,000 plus staff spread across Sri Lanka and East-Africa. It is truly a story of Sri Lankan entrepreneurship and we at the CSE are very happy and humble to have companies like this listed.”

Commenting on the apparel industry, Fernando added: “The apparel industry, of course, is one of the key contributors to our economy, particularly the export segment, and being the largest industrial export segment, it is notable that Hela Apparel Holdings is the first actual largest apparel exporter that is coming to list, which again is another milestone.

With this, we wish Hela Apparel Holdings good luck and that all their ambitions be realised after listing but also helped by listing.” 

Speaking at the event, the Hela Chairman A.R. Rasiah, commented: “Today is a landmark for all of us at Hela and marks the culmination of a journey that began more than five years ago, with a vision to build a world-leading apparel supply chain solution provider that shares its value creation with all its stakeholders. 

We have been truly humbled by the response to the IPO from all sections of the investment community and look forward to working diligently to build global value for all who have placed their trust in us. 

I would like to thank everyone who’s been a part of Hela’s landmark IPO – including the company’s management team ably led by Group CEO Dilanka Jinadasa, and the Joint Managers to the IPO – CT CLSA and CAL – who have ensured the successful completion of this landmark listing, as well to the Colombo Stock Exchange for their diligence in guiding us through the process.”

Hela Apparel Holdings is one of the leading apparel supply chain solution providers in Sri Lanka with over three decades of experience in the industry. Over the years the company has successfully built strategic relationships with some of the world’s leading apparel and fashion brands.