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34 companies go public in 10-month period

28 Nov 2021

  • Collectively raise Rs. 109.6 b through IPOs
By Imesh Ranasinghe  Over 30 new listings were made at the Colombo Stock Exchange (CSE) in the 10-month period from January to October 2021, raising Rs. 109.6 billion, The Sunday Morning Business learns. Responding to a query by us, the CSE said that 34 new listings had been made as of 31 October 2021. Accordingly, the 34 listings consisted of 13 Initial Public Offering (IPO) debentures raising Rs. 76.4 billion, four IPO equities of Rs. 7.5 billion, two private placements worth Rs. 2.5 billion, 13 rights issues valued at Rs. 23.2 billion, and two introductions. “Equity IPOs for the year 2021 include that of Windforce Ltd., Chrissworld Ltd., Prime Lands Residencies Ltd., JAT Holdings Ltd., Ex-pack Corrugated Cartons Ltd., Lanka Credit and Business Finance Ltd., Sarvodaya Development Finance Ltd., and Capital Alliance Ltd.,” the CSE also noted in their response.  According to a statement released in August by the CSE, the stock market had facilitated 12 new listings, including seven debt IPOs with a value of Rs. 47.29 billion, four equity IPOs with a value of Rs. 7.49 billion, and one Secondary Public Offering (SPO) with a value of Rs. 3.5 billion.  In 2020, when the CSE was closed for seven weeks due to the pandemic, one equity IPO, one equity introduction, and eight debt IPOs were included in the new listings, while Rs. 30 billion was raised from rights issues, and Rs. 9 billion through private placements. Total funds of Rs. 61 billion were raised. Relaxed tax policies, improved processes established by the Securities and Exchange Commission (SEC) and the CSE in listing applications, the establishment of an Empower Board for SMEs, and awareness drives from the SEC and CSE to debunk myths, on the opportunities relating to listing (regional awareness drives and social media campaigns), and on international and national recognition that listed companies achieve, were among the reasons, as pointed out by the CSE, for the increased number of listings in 2021. Meanwhile, Myland Developments Ltd. is in the pipeline for an equity IPO on 8 December. So far, only Chrissworld Ltd. and EML Consultants Ltd. were listed in the Empower Board for 2021.  As of 31 October 2021, the CSE had 288 companies representing 19 GICS industry groups, with a market capitalisation of Rs. 4,529.29 billion, an increase of about 50% when compared to last year’s Rs. 2,961 billion, with 283 companies.  

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