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hSenid IPO oversubscribed

06 Dec 2021

hSenid Business Solutions (Pvt.) Ltd.’s initial public offering (IPO), which opened last Friday (3), was oversubscribed on the initial day itself, receiving applications over the IPO value of Rs. 691 million. With its recent IPO, hSenid became Sri Lanka’s first-ever software enterprise company to go for an IPO. Speaking at a press conference on their recently concluded investor forum and upcoming IPO, hSenid Chairman and Director Dinesh Saparamadu stated that the company expects to raise Rs. 692 million from their IPO, 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 them 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 recently announced its plans to go public. 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.


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