Wednesday Sep 10, 2025
Wednesday Sep 10, 2025
Monday, 8 September 2025 04:53 - - {{hitsCtrl.values.hits}}
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From left: Myland Developments Managing Director Nalin Perera, Director Iresha Dissanayake, and Atarah Capital Managing Director Rohan Senewiratne
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Atarah Capital last week completed Myland Developments’ (MDL) journey from Colombo Stock Exchange (CSE) listing to the sale of controlling interest.
Myland Developments was incorporated in March 2017 as a real estate development company with the noble objective of supporting every Sri Lankan to purchase a plot of land at an affordable price and build their dream home.
MDL was founded by real estate industry veteran Nalin Perera, who commands over three decades of industry experience. The company’s principal business activity is developing and selling land plots for residential or commercial purposes.
In FY 2021, MDL recorded a turnover of Rs. 167 million and Net Profit After Tax (NPAT) of Rs. 25 million. Due to exponential growth in the real estate industry, the company opted to raise Rs. 75 million in equity capital via a listing on the CSE. Funds raised through the Initial Public Offering (IPO) were deployed to finance the acquisition of a new land stack for development.
Atarah Capital acted as the Financial Adviser and Manager to the Issue of the Listing of MDL in December 2021. The company was listed on the Diri Savi Board of the CSE at an equity value of Rs. 504 million and a forward P/E multiple of 7.9 times.
Atarah Capital Managing Director Rohan Senewiratne said: “The story of MDL is admirable; where an industry veteran chooses the path of entrepreneurship, launches a family business in 2017, and, within four years, grows it to the level that met the eligibility criteria to be listed on the CSE.”
“The sale of controlling interest within four years after listing is a great example where a CSE listing enabled an attractive exit mechanism for a family business,” he added.
MDL Managing Director Nalin Perera said: “Choosing Atarah Capital was the right decision, since they promptly advised us on required corporate governance structures in preparation for the listing, and the level of business performance that would attract IPO investors.”
The IPO was oversubscribed eight times.
“This transaction marked a significant milestone for MDL, paving the way for a new era of ownership and business expansion. Atarah Capital’s leadership in navigating the entity through its listing and major ownership transition reinforces its expertise in corporate finance and capital market advisory,” Senewiratne added.
