Myland Developments Ltd announces IPO to raise Rs 75 Mn
Real Estate Developer, Myland Developments Limited (MDL) has announced an Initial Public Offering (IPO), via offering a 17.24% stake of the Company and will be listed on the Diri Savi Board of the Colombo Stock Exchange (CSE). Through the IPO, the Company plans to raise Rs 75 million via offering 6,250,000 ordinary voting shares at a price of Rs. 12/= per share. The Offer is managed by Atarah Capital Partners, and will open on 8 December while the prospectus and application forms will be available from 25 November.
The funds raised through the IPO, will be utilised for expansion through the acquisition of three new lands for development. MDL recorded a Revenue of Rs 168 million and Profit After Tax (PAT) of Rs 26 million in the 2020/21 Financial Year (FY). This was a significant improvement from Rs 121 million Revenue and PAT of Rs 3 million recorded in the previous financial year, in which negative sentiments stemming from the ‘Easter Attacks’ adversely impacted the Company’s financials.
The Company has further strengthened its performance in the first six months (1H) of the current 2021/22 financial year, recording revenue of Rs 119 million, a 381% increase from the corresponding period year-on-year (YoY). The PBT for 1H 2021/22 stood at Rs 38.6 million.