Shreedhar Motors Ltd has become the 21st company listed on the South Pacific Stock Exchange after its shares began public trading on Wednesday, following a $9 million initial public offering that opened in January and closed last month. The first day of trading saw 130 million Shreedhar Motors (SML) shares quoted at $1 each, adding about $130 million to the company’s market value and lifting the exchange’s total market capitalisation to $3.86 billion.
The IPO attracted 436 applications, including 298 from investors buying stock for the first time, according to SPX. While the company raised $9 million through the offer, the full equity quoted on the exchange equated to a $130 million market capitalisation on listing — a distinction highlighted by market watchers as the difference between funds raised in the IPO tranche and the total shares outstanding now valuing the firm on the board. SML’s quoted capital accounted for roughly 3.36 percent of the exchange’s market value on day one.
Finance Minister Esrom Immanuel praised the listing at a ceremonial event, saying the move illustrated the role of capital markets in supporting private-sector led growth and expanding access to long-term capital. SML chair Satya Maharaj described the listing as a significant milestone that reflects the company’s commitment to stronger governance and long-term positioning, and acknowledged strong investor support for the offer.
Founded in 1965 by Shree Dhar Maharaj as a distributor of Leyland buses and trucks, Shreedhar Motors has grown into the authorised distributor for Ford and Subaru in Fiji. In its IPO prospectus the company outlined the next phase of growth that the board intends to fund and support, including establishing new branches in Labasa and Nadi, diversification into heavy commercial vehicles, and continued investment in digital transformation to improve sales and aftersales capability.
The listing is the latest sign of an active primary market on the SPX. The exchange last saw an equity IPO in 2024 when Sun Insurance listed to an oversubscribed offer, and SPX’s aggregate value has been climbing — earlier coverage noted the market stood at about $3.65 billion in mid-January. The addition of SML has accelerated that rise, reflecting both new listings and growing retail participation among Fijian investors.
Market participants said the strong take-up by first-time investors is notable for deepening the domestic investor base and signalling confidence in local corporate prospects. For Shreedhar Motors, executives have said the IPO proceeds and public listing will help finance branch expansion and heavier commercial vehicle activity that could boost the company’s footprint outside Suva and Lautoka and underpin longer-term revenue growth.
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