SHREEDHAR Motors Limited (SML) is the latest company to offer its shares to the public, yesterday announcing the launch of its Initial Public Offer (IPO) of nine million shares at $1 each to raise $9million and its planned listing on the South Pacific Stock Exchange (SPX). “Shreedhar Motors has delivered consistent growth and shareholder returns. Revenue increased by 42 percent in FY2024, while Net Profit After Tax (NPAT) reached $6.6 million,” SML stated in its announcement.
“The company has paid dividends for nine consecutive years, with payout ratios exceeding 80 percent of NPAT. Operating with conservative gearing and a strong balance sheet, Shreedhar Motors is well positioned for sustainable long-term growth.
“Under the Prospectus, 9,000,000 fully paid ordinary shares are being offered at an issue price of $1.00 per share. Following the IPO, the company will have 130,000,000 ordinary shares on issue, implying a projected market capitalisation of $130 million. Subject to regulatory approvals, trading of SML shares on the SPX is expected to commence on March 17, 2026.”
SML board chairman Satya Prakash Maharaj said the planned listing marked an important milestone for Shreedhar Motors. “We are a profitable company, with a strong balance sheet, conservative gearing and a proven record of dividend payments,” he said.
“By going public, Shreedhar Motors is opening up new opportunities for investment and growth, which will ultimately benefit customers, employees and the wider community.
“We invite investors to join us in this journey of trust, performance and growth.”
A successful IPO and subsequent listing would make SML the 21st company and the second motor vehicle dealer to list on SPX, expanding options for investors in Fiji’s stock market.
In welcoming the development, SPX chief executive officer Sheraj Obeyesekere said public share offers such as an IPO allowed companies to open up ownership to the public under a regulated framework, while giving investors a clear and transparent way to participate in the share market.
“In an IPO, shares are first offered by the company in the primary market, and once listed, those shares can be traded between investors in the secondary market,” he said.
“We are seeing a growing number of Fijian private companies exploring this pathway, which is gradually increasing the range of investment options available to the public. “After a few years without IPO activity, the return of public offerings in 2024 and the continuation of this trend into 2025 and 2026 point to renewed confidence in the public market.
“The Shreedhar Motors IPO is part of this emerging pipeline. As with any public offer, investors are encouraged to review the prospectus carefully and, where appropriate, seek guidance from a licensed stockbroker or investment adviser,” Mr Obeyesekere said.
The last IPO on SPX was by Sun Insurance Ltd in August 2024, followed by a secured wholesale corporate bond offer by RB Patel Group last October, both of which were oversubscribed.
Shreedhar Motors was founded in 1965 by Shree Dhar Maharaj and has grown from its origins as the distributor of Leyland buses and trucks into the authorised distributor for Ford and Subaru in Fiji.
Interested investors can buy a minimum of 1000 shares at $1 each and must contact any of the three stockbroking firms to assist them in their purchase.
The offer closes on February 27, 2026.
n See Page 14 for more details on this offer.
