First Capital Treasuries PLC announces upcoming IPO

CEYLON TODAY | Published: 2:00 AM Oct 23 2021
FT First Capital Treasuries PLC announces upcoming IPO

First Capital Treasuries PLC intends to enter an Initial Public Offering (IPO) and 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 39.00 offers an immediate upside of 15% to 19% to an incoming investor given the value range of Rs 46.00 to Rs 48.00 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. Dilshan Wirasekara Director / CEO of First Capital Treasuries PLC said, “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 boasts an illustrious history as the pioneer licenced primary dealer, appointed by the Central Bank of Sri Lanka, to deal exclusively in Government Securities. 

Presently, the Company is the market leader amongst non-bank primary dealers with a capital base of Rs 4.5 billion as at 30 June 2021.The Company continued to account for the highest amongst nonbank 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. Those interested could contact 0777809154, 0772264770 for further information regarding the IPO process and applications.

CEYLON TODAY | Published: 2:00 AM Oct 23 2021

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