Shreedhar Motors Ltd (SPX:SML) has become the 21st company on the South Pacific Stock Exchange (SPX) when its shares were listed for public trading for the very first time on Wednesday this week, following a successful $9million Initial Public Offering (IPO) that opened in January and closed last month.
This saw the quoting of a total of 130 million SML shares on SPX at $1 a share, adding $130million to market capitalisation on the first day of trading, taking SPX’s total market capitalisation to $3.86billion (3.36 per cent of total market capitalisation).
Speaking at the event, Minister for Finance Esrom Immanuel commended the board and management of Shreedhar Motors Limited on a successful listing, saying it demonstrated the role of capital markets in supporting private sector-led growth and expanding access to long-term capital.
SML chair Satya Maharaj said the listing marked a significant milestone for the company and reflected its commitment to strengthening governance and positioning the business for long-term growth.
He acknowledged the strong support received from investors and expressed confidence in the company’s future as a listed entity.
The offer, according to a statement from SPX, received 436 applications, including 298 first-time investors.
The IPO market has been active lately, with the last IPO on SPX by Sun Insurance in 2024 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.
According to its IPO prospectus, the company is preparing for its next phase of expansion, supported by key strategic initiatives, including the establishment of new branches in Labasa and Nadi, diversification into heavy commercial vehicles and continued investment in digital transformation.
