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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Some 13 firms to go public this year

Some 13 firms to go public this year

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1Some 13 firms to go public this year Empty Some 13 firms to go public this year Sun Mar 09, 2014 11:10 am

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Around 13 Sri Lankan private companies are preparing to go public this year, Colombo Stock Exchange (CSE) officials say.
“These are in many different sectors and they will list on the CSE in a few months,” a CSE official told the Business Times on the sidelines of an issuer relations forum held recently in Colombo to expose the IT-BPO and ‘Knowledge Service Industry’ to the benefits of listing on the CSE. It was hosted by CSE and the Securities and Exchange Commission (SEC) in association with the Sri Lanka Association of Software and Service Companies (SLASSCOM).

The forum saw over 100 CEOs and Chief Financial Officers of unlisted potential issuer companies within the industry participate. Rajeeva Bandaranaike, CEO, CSE said that the CSE is willing to consider a ‘separate set of criteria’ for listing IT-BPO firms on the CSE. “We are discussing a separate trading board for SMEs and similarly we’d also like IT-BPO firms to go public and in this respect we can discuss for them,” he said, adding that criteria for SMEs to list and a separate board for these units, is still at a preliminary stage. The CSE and the SEC are already working with the Board of Investment (BoI) for a separate board called the BoI Board to facilitate BoI firms to go public.

Mr. Bandaranaike said that a successful listing where the issuer receives a fair price for the shares and at which the investor generates solid returns, coupled with a good relationship between the two parties, often translates into the company being able to raise fresh capital for the next phase of growth at later dates at a higher valuation multiple (through rights issues, further listings and listed debt, etc).

High visibility, transparency, and enhanced liquidity enable a listed company to attract high-quality shareholders, such as institutional and strategic investors, on to its shareholder register, he said, adding that building relationships with such potential strategic partners helps the company to take on investments beyond the capacity of internally generated free cash flow, enabling growth at an unprecedented pace and perhaps in directions not previously envisaged.

A common misconception that listing on the stock exchange was merely a tool for raising capital was dispelled by him. “Listing on the stock exchange brings with it a number of benefits, in addition to the raising of capital. A company is able to enhance its corporate profile through visibility, attribute an objective value to the company, obtain tax incentives and create an optimal capital structure. There is also a people centric focus in going public, since it enables a company to align the interests of shareholders, management and employees, while attracting strategic investors,” he said.

Finally a listing is an ideal means of sustaining business continuity, since it acts as alternative currency for acquisitions and mergers, increases liquidity and provides you with the option of returning to the market to fund the next phase of growth for your company Mr. Bandaranaike said, in his presentation, “Benefits of Listing”.

“As the IT/BPM industry is going through a fast phased growth, we are delighted to partner with CSE to bring a whole new sector to the local stock exchange. Most mature markets have a very vibrant technology sector and we are glad to be able to take the first steps in creating the path for the same in Sri Lanka,” Chairman SLASSCOM Madu Ratnayake said.

“The country seeks to project itself as a knowledge hub and therefore the development of the IT services industry is vital. By listing on the stock wxchange IT companies are able to better strengthen their internal structures and become more attractive to potential strategic investors who would value transparency and governance,” Deputy Director General and Officer-in-Charge-SEC Dhammika Perera said.

2Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Sun Mar 09, 2014 5:01 pm

serene


Senior Equity Analytic
Senior Equity Analytic
Very good move by the authorities. To compete with the global its empirical that ve have sound IT companies this might be good initiative.

3Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Mon Mar 10, 2014 7:44 am

gagamini


Manager - Equity Analytics
Manager - Equity Analytics
Don't go by the numbers . Before making this please make CSE a place to invest with confidence. if one or two shares could change the whole market direction . One or two persons could manipulate the prices of shares of a company that has a good reputation , highly liquid and of a top capitalized as we witnessed last couple of weeks then what is the use of this exercise . I could recall sometime back CSE went on a marathon by introducing 70 or 80 IPOS in a year . They boasted it was a record . See the plight of those companies today . Most of them are far below IPO prices . Most of those companies are not in healthy position as far as their performance is concerned . CSE has to do lot before commencing another marathon .

4Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Mon Mar 10, 2014 8:16 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@gagamini wrote:Don't go by the numbers . Before making this please make CSE a place to invest with  confidence.  if one or two shares could change the  whole market direction . One or two persons  could manipulate  the prices of shares  of a company that has a good reputation , highly   liquid and of a top capitalized  as we witnessed  last couple of weeks  then what is the use of this exercise . I could recall sometime back CSE went on a marathon by introducing 70 or 80 IPOS in a  year . They boasted it was a record  . See  the plight  of those companies today . Most of them are far below IPO prices .  Most of those companies are not in healthy position as far as their performance is concerned . CSE  has to do lot before commencing another marathon .


The only way to correct this problem is to expand the CSE, thus they need more(many many more) companies to list, and at the same time they need many more people investing is CSE, they are trying to do that locally and internationally too.

when the above things are done, then CSE will not be dominant by one person or one company.

5Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Mon Mar 10, 2014 9:04 am

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
SEC should try to bring in Government owned entities also to the market. This is the only way to increase the market capitalization and liquidity of the colombo bourse. CSE Market cap should at least get close to 70% of the GDP.

Potential Government Entities;
Insurance Corporation.
Bank of Ceylon
Peoples Bank
EPF & ETF
NSB
Lotteries Board
Electricity Board
Water Board
Petroleum Corporation
Fertilizer Corporation etc...

6Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Mon Mar 10, 2014 3:41 pm

cruiserdude


Senior Equity Analytic
Senior Equity Analytic
electricity board??? petrolium corporation??? ammo epa...

7Some 13 firms to go public this year Empty Re: Some 13 firms to go public this year Mon Mar 10, 2014 7:43 pm

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
Bull should be given for IPO's to appear.

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