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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Sees Emerging Market Entry in 2015 on IPO Outlook

Sri Lanka Sees Emerging Market Entry in 2015 on IPO Outlook

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SHARK aka TAH

SHARK aka TAH
Expert
Expert
Sri Lanka’s chief securities regulator said he aims to get the country’s stocks into the MSCI Emerging Markets Index as soon as next year.

Nalaka Godahewa, chairman of the Securities and Exchange Commission, said the island nation needs a company to list $500 million of equity to become eligible for promotion to the emerging-market index from the frontier-market gauge.

“If one or two large existing companies increase their current public float to 20 percent, we are easily there,” Godahewa said in an interview in London on May 30. “I am hopeful that this will happen in 2015.”

Any changes to market classifications will be announced on June 10, Sebastien Lieblich, executive director of MSCI Index (CSEALL) Research, said in response to a request for comment on Sri Lanka’s status.

In order for a market to be classified as emerging by MSCI Inc., it must have, among other requirements, at least three firms with a full market capitalization of $1.03 billion and $516 million of listed stock, according to the New York-based firm.

Sri Lanka is seeking foreign investment to fuel an economy that has been growing at around 8 percent a year as the country recovers from a three-decade civil war. MSCI indexes are tracked by investors managing about $8 trillion in assets.

Companies raised about $20 million in three initial public offerings this year, an increase from $3.8 million in one IPO last year, according to data provided by the bourse. Godahewa said he aims to double the exchange’s $20 billion market capitalization in the next three to four years.

The Sri Lanka Colombo Stock Exchange All Share Index has climbed 5.9 percent this year and trades at 14.3 times reported earnings. The MSCI Emerging Markets Index has advanced 2.5 percent in the period and is valued at 12.8 times.

The exchange is in “serious discussion” with as many as 45 companies seeking to list over the next three years and is targeting adding up to five more offerings this year, Godahewa said.

“There are many large, very successful companies in the country, which are currently privately held,” Godahewa said. “If some of these companies list shares, it will change the formula completely.”

To contact the reporter on this story: Natasha Doff in London at ndoff@bloomberg.net

To contact the editors responsible for this story: Daliah Merzaban at dmerzaban@bloomberg.net; Gavin Serkin at gserkin@bloomberg.net Gavin Serkin

http://www.bloomberg.com/news/2014-06-01/sri-lanka-sees-emerging-market-entry-in-2015-on-outlook-for-ipos.html

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
For IPO's to appear market should be at a healthy stage(bull) otherwise utter failure.

manolanka


Equity Analytic
Equity Analytic
All IPOs issued in recently failed due to unfair issuing price. Because Total Asset, EPS, NET, Liabilities (Loans getting by the company) and last 3 years financial statements are not properly analyzed by the respected authority (who given approval for the IPO).

dhanurrox


Vice President - Equity Analytics
Vice President - Equity Analytics
@manolanka wrote:All IPOs issued in recently failed due to unfair issuing price. Because Total Asset, EPS, NET, Liabilities (Loans getting by the company) and last 3 years financial statements are not properly analyzed by the respected authority (who given approval for the IPO).  
And retailers didn't burn themselves because no one applies for them.
First there should be bull and next IPO's.
Then whether it's overpriced or not there wont be failures. Very Happy 

manolanka


Equity Analytic
Equity Analytic
IPO not (MUST) use for the relief of their borrowings. It should have investing proposed FORMAL projects. Those Action Plan's progress should be publish with quarter financial reports for a transparency.

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