Sarvodaya Development Finance (SDF), established in 2010 as the economic arm of the Sarvodaya movement was the first Sri Lankan financial company to focus on underserved and underfinanced rural economies. Dr. A.T. Ariyaratne, the leader and founder of the Sarvodaya movement is going public as a part of a new groundbreaking initiative.
NDB Investment Bank acting as the financial advisor has promoted the IPO at a 19% discount. The Net Asset Value and Price to Book value are LKR 21.28 and LKR 1.03 respectively. The SDF IPO will see 45.45 million shares, equivalent to a 30.38% stake in the company sold for the price of LKR 22 per share. SDF plans on listing on the Colombo Stock Exchange through this issue valued at LKR 1 billion.
Following the IPO the Sarvodaya Economic Enterprise Development Service (Gte.) Ltd will see its stake reduce from 51.85% to 36%. At the same time, Japan’s Gentosha Total Consulting Inc. will see their stake reduce from 13% to 9% while the high net value individual investor Dr. T. Senthilerl will see his stake reduce from 6.63% to 4.6%.
Through the IPO the company plans on fulfilling its regulatory core capital requirements and the income received will be used to fund ambitious growth plans. The Sarvodaya IPO is seen a chance to introduce the concept of capital markets to the general masses and is considered ‘A Catalyst in Creating an Economic Progressive Society, Living in Dignity”
No.820, Mount Cresent,Malabe,Sri Lanka