Successful UB Finance Company Limited Initial Public Offering signals promising shift towards Economic Recovery

Friday, 21 July 2023 11:41 - - {{hitsCtrl.values.hits}}

UB Finance Co Ltd. (UBF) takes pride in being the first company to successfully launch an Initial Public Offering (IPO) as Sri Lanka's economy shows signs of recovery. This IPO follows the announcement of the Domestic Debt Optimization plan set out by the Central Bank of Sri Lanka. Notably, UBF holds the distinction of being the first Licensed Finance Company owned by a Licensed Private Commercial Bank, the Union Bank of Colombo PLC.

The eagerly awaited UBF IPO, held on July 20th, 2023 received an immense response from the retail investor segment. Within minutes of opening, the 55 million share offering was fully subscribed, indicating a resurgence of confidence in the financial markets.

Mr. Ransith Karunaratne, the Director/Chief Executive Officer, conveyed immense satisfaction with the outcome of the IPO, especially considering the post DDO scenario. He emphasized the significance of this success not only for the UBF Franchise but also as a testament to the unwavering buoyancy in the entire Financial Services Sector. While acknowledging the challenges ahead for the economy he expressed unwavering confidence in the resilient spirit of the Sri Lankan people.

UBF has firmly established itself as a prominent player in the financial services sector and continues to be committed to supporting Sri Lanka's envisioned economic development. The company places significant emphasis on empowering the unbanked Retail and SME sectors, acknowledging their pivotal role in fueling economic recovery and promoting sustainable growth.