SLASSCOM, CSE and Hatch set sights on empowering startups

Friday, 1 March 2019 00:00 - - {{hitsCtrl.values.hits}}

The Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), SLASSCOM and Hatch recently hosted an awareness session on the Empower Board, discussing specific opportunities for startups and entrepreneurs.

Insights shared at the event offered participants perspective on why a new wave of tech companies globally are opting to tap into public funding through initial public offerings (IPOs) to spur their next phase of expansion, and the opportunities available to Sri Lankan tech companies and startups to pursue similar benefits through accessing public funds.

The Empower Board was presented as an effective means through which Sri Lankan startups and progressive entrepreneurs could fund growth initiatives and achieve an overall transformation of their business. The requirements and the process involved with a listing on the Empower Board have been tailored to capture the context of young and growing companies, and largely vary from the other listing platforms at the CSE.

Companies listing on Empower are set to operate in an environment where they will benefit from the advisory role of a CSE approved sponsor, which will offer the company pre and post listing support.

The Empower Board was introduced in 2018 and is similar to a number of listing platforms launched by peer stock exchanges from around the world targeting growth companies, particularly entities that are in an early-mid stage of their lifecycle. Growing tech company listings are a frequent occurrence in peer foreign markets such as Malaysia, India, Poland, Malta and Sweden, which demonstrates the potential for Sri Lankan startups to emulate similar success in the Sri Lankan capital market.

Speakers at the event included Securities and Exchange Commission Chairman Ranel Wijesinha, CSE CEO Rajeeva Bandaranaike and LYNEAR Wealth Management Managing Director Naveen Gunawardane. The speakers also were subsequently joined by SLASSCOM Chairman Jeevan Gnanam and CSE Head of Listings Vinduni Dullewe for a discussion with the audience. Empower Board Sponsors, who are pivotal to guiding companies interested in listing on the Empower Board, were also present at the event.

Since launching the Empower Board, the CSE in association with the SEC has embarked on an awareness drive in key regions around the country, creating awareness on equity-based capital raising options available to entrepreneurs and growth companies.

Startups and tech companies are invited to connect with the CSE to discuss how they too can achieve a listing on the Empower Board to spur on the company’s growth agenda. Details on eligibility of listing and the process could also be obtained through www.cse.lk.