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hSenid eyes overseas acquisitions from IPO proceeds

24 Nov 2021

  • One company in Africa and two companies in Asia Pacific
  • IPO opens next Friday aiming to raise Rs. 692 m
By Madhusha Thavapalakumar hSenid Business Solutions (Pvt.) Ltd, Sri Lanka’s first-ever software enterprise company to announce its initial public offering (IPO), is eyeing three overseas acquisitions, one in Africa and two more in the Asia Pacific region, utilising the proceeds raised through its upcoming IPO. hSenid Chairman and Director Dinesh Saparamadu, speaking at a press conference on their recently concluded investor forum and upcoming IPO, stated that they are expecting to raise Rs. 692 million from their IPO, which is scheduled to open on next Friday (3), out of which, Rs. 202 million would be utilised for the company’s product development while Rs. 400 million would be utilised towards developing partner networks. “We are planning to expand our business to the Commonwealth region, especially Africa as their systems are still very much manual,” Saparamadu noted. According to him, 25% of their businesses come from the Asia Pacific region, 24% from the African region, and most of the remainder is from locals. He added that hSenid has already acquired about 10 projects in Bangladesh, despite them entering into the country a mere 18 months ago. Furthermore, Saparamadu noted that approximately 90% of their income is dollar linked, as they invoice even the local projects in dollars due to their hosting services relying mostly on Amazon, where they have to pay Amazon in dollars. hSenid is a global human resources (HR) software solutions provider that announced its plans to go public a few days ago. It also concluded its investor forum recently. Under the guidance of NDB Investment Bank (lead managers to the issue) and CT CLSA Capital (co-managers to the issue), hSenid will offer 55,339,076 ordinary voting shares to the public at a price of Rs. 12.50 per share, seeking to raise a total of Rs. 692 million. “We invite more and more people to come to this industry,” Saparamadu stated, inviting people to join the IT industry of the country, which is set to transform the country in the coming years. Founded in 1997, hSenid Business Solutions today is a global Sri Lankan software solutions company, specialising in state-of-the-art HR solutions. hSenid software is used by 1,000,000 users across 1,300 local and global giants among 20 diversified industries in over 40 countries and multiple business sectors. The company presently employs over 250 people and has contributed towards over 4,000 individual tech journeys during its 25-year history. With its upcoming IPO, hSenid joins a number of businesses that have gone public this year, including JAT Holdings, WindForce, and Sarvodaya Development and Finance.

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