First Capital Treasuries PLC, Sri Lanka, the nation’s leading non-banking primary dealer, recently announced its intention to enter into an Initial Public Offering (IPO).
The company, established in 1982 and licensed by the Central Bank of Sri Lanka, plans to issue 7,695,000 ordinary voting shares for LKR 39 per share. Incoming investors will be receiving an upside between 15-19% as the Independent Valuation conducted by E&Y Transactions Advisory Services Pvt. Ltd put the share value between LKR 46-48 per share. The IPO, which will take place in November 2021, will be managed by the Corporate Finance Division of First Capital & is currently subject to regulatory approval.
Dilshan Wirasekara, the Chief Executive Officer of First Capital, stated that listing in the Diri Savi Board of the CSE is part of the company’s financial strategy. By listing, the company hopes to create greater liquidity, broad-base the ownership, and enhance the brand’s identity.
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