Business
Ex-Pack IPO oversubscribed 11 times, highest in recent times

Ex-Pack Corrugated Cartons Limited’s LKR 700 million IPO, witnessed 6,000+ applicants seeking to subscribe, resulting in an 11X oversubscription. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021. The IPO, which opened on the 22nd of October 2021, was oversubscribed in a matter of minutes and, thus, closed at 4.30pm the same day. There was active interest from a range of investors, both individuals and institutions, with Ex-Pack receiving more than 6000 applications worth over LKR 8 billion. Heavy retail activity was also noted.
Discussing the overwhelmingly positive conclusion of the IPO, Mr. Zulficar Ghouse, Managing Director at Ex-Pack said, “We are very pleased to say that the interest our IPO received surpassed expectations at every level. I take this opportunity to thank all those who placed their confidence in us and subscribed to our IPO. We look forward to having you onboard our journey and remain resolutely committed to delivering exceptional value to our investors, customers, people, communities and other stakeholders. The resounding success of our IPO is a testament to the underlying value and fundamentals of the company. It also demonstrates that investors have faith in our business, supported by our fundamentals.”
Commenting on the exceptional outcome of the IPO, Rizny Faisal, Senior Vice President and Head of ECM and M&A at CAL 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.”
Sujendra Mather, Head of Investment Banking at Asia Securities, further added, “We are proud to be Joint Managers to the Issue and would like to congratulate Ex-Pack for delivering one of the most sought-after IPOs of the year. The issue has seen exceptional demand from a diverse spectrum of investors and given the 11x oversubscription, we are quite confident of a positive secondary market performance of the share post commencement of trading.”
Ex-Pack Corrugated Cartons Limited offered 83,333,333 ordinary voting shares (a 25% stake) at a price of LKR 8.40 per share through its IPO, resulting in a projected market capitalization of LKR 2.8 billion. This translates into an estimated forward PER of 7.7x for FY22 and implied TTM PER (as at August 2021) of 8.9x.
Funds raised by the IPO will go towards a 3-billion-rupee ultramodern production facility, which is expected to raise monthly volumes from 2,650 metric tons, currently, to 4,000 metric tons by 2025. Ex-Pack serves top corporate customers and brands, worldwide, across a range of industries including FMCG, consumer durables, apparel, tea and fisheries. The Company’s international presence extends to 8 key markets including the Maldives, Qatar, India, the USA, Australia, Madagascar, the Seychelles and Reunion Island.
Business
Sri Lanka’s EWIS makes history: First homegrown laptops shipped to Zimbabwe

Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Business
Dialog Television and Emerging Media Introduce one-stop advertising solution

Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
Business
IIHS partners with University of Surrey to transform healthcare education

The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
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