First Capital Treasuries PLC, Sri Lanka’s leading non-bank primary dealer, recently announced the firm’s intention to enter an Initial Public Offering (IPO).
The IPO is scheduled for November 2021 subject to regulatory approval. The First Capital Treasuries’ IPO aims to offer 7,695,000 ordinary voting shares to the public. The IPO price per share of Rs. 39 offers an immediate upside of 15% to 19% to an incoming investor given the value range of Rs. 46 to Rs. 48 per share; derived as per the Independent Valuation carried out by E&Y Transaction Advisory Services (Private) Limited. The Issue is managed by the Corporate Finance Division of First Capital Limited.
Commenting on the launch of the IPO, Dilshan Wirasekara Director / Chief Executive Officer of First Capital Treasuries PLC stated, “the decision to list First Capital Treasuries on the Diri Savi Board is part of the Company’s strategy to create liquidity for our shares, broad-base the ownership and to further enhance our brand identity. We invite the public to subscribe for shares of First Capital Treasuries, as we look ahead to further enhance our position in the government securities arena.”
Established in 1982, First Capital Treasuries is the market leader among non- bank primary dealers with a capital base of Rs. 4.5 billion as at June 30, 2021. The Company continued to account for the highest among non-bank primary dealers raising debt for the government, taking up as much as 18% of the total issuance of treasury bonds among all primary dealers in 2020.
First Capital Treasuries PLC is a subsidiary of First Capital Holdings PLC, a member of the Janashakthi Group.
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