Established in 1982, First Capital Treasuries, a part of the Janashakthi Groups First Capital Holdings PLC, is Sri Lanka’s oldest non-banking primary dealer licensed & approved by the Central Bank to deal exclusively in Government Securities. The company recently hosted an investor forum for prospective investors, media representatives, industry partners, and the general public to present their prospectus for the upcoming IPO.
The First Capital IPO will take place on the 6th of December, 2021, and will offer 7,695,000 ordinary voting shares at LKR 39 per share. An independent valuation conducted by E&Y Transaction Advisory Service Pvt. Ltd placed the share value between LKR 46 – 48. Investors acquiring First Capital shares will instantly receive a 15-19% benefit. The company’s corporate division will manage the issue of shares.
First Capital Treasuries already boast an exceptional standing with an (SL) ‘A’ Credit Rating by ICRA Sri Lanka alongside excellent statistics. As of 31st March 2021, the company’s total asset base was LKR 25.7 billion alongside a Capital base of LKR 4.52 billion. The company also recorded LKR 1.84 billion in Profit After Tax and a Net Trading Income of LKR 3 billion for 2020/21. Furthermore, First Capital Treasuries also 5-year average ROE of 29%.
In the investor forum, the top officials of First Capital revealed that the purpose of the IPO was to strengthen brand identity, broaden its ownership base, and bring in more liquidity to the company as the company has specified several ambitious goals for the future.
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