JAT Holdings CEO Nishal Ferdinando

JAT Holdings Ltd. this week said the oversubscription of its Rs. 2.2 billion Initial Public Offering confirms that the appetite in the market exceeds shares made available. 

“The oversubscription affirms that the market interest exceeds the shares offered during the IPO, further proving our organisational and financial stability,” JAT Holdings CEO Nishal Fernando said.

“In record time, the shares issued by the IPO were fully subscribed and we couldn’t be more pleased to acknowledge the trust placed in the JAT brand,” Fernando said.

“Even with challenges faced by the COVID-19 pandemic, JAT will continue to make decisions to further expand the business and enhance its strengths to withstand dynamic market trends displayed,” he added. 

JAT offered a 16% stake, or 82,904,846 ordinary shares priced at Rs. 27 each. Proceeds from the IPO will be used for the company’s near-term objectives of investment in enhancing the existing R&D facility to a fully-fledged, state-of-the-art facility for all coatings, setting up a manufacturing facility in Bangladesh, expanding the WHITE by JAT marketing and development initiatives and setting up a manufacturing facility in East Africa.

With a firm market presence in Sri Lanka and Bangladesh, the company intends on paving its path towards becoming a regional leader in furnishing and finishing industries by honing in on the firm’s growth mindset, resilience, leadership and true potential to innovate; further improving and elevating its current offerings.

Since its inception in 1993, JAT Holdings has established itself as a leader in the furnishing and finishing industry and stands as the world’s largest distributor of ‘Sayerlack’. With an international presence across key markets in South Asia and Africa, the company aims to reach newer heights, thus bestowing a plethora of benefits to all its stakeholders.

Financial advisors and managers to the IPO are NDB Investment Bank and Capital Alliance Ltd.

Over Rs. 69 b capital raised so far via bourse