Capital Alliance lists on CSE

From left: CAL Group Chief Risk and Compliance Officer Sharmali Perera, Capital Alliance Managing Director Somadasa Palihawadana, CAL Group CEO and Capital Alliance Executive Director Ajith Fernando, Capital Alliance Chairman and Non-Executive Director Dinesh De Zoysa, CSE Chairman Dumith Fernando, Chief Regulatory Officer Renuke Wijayawardhane, Head of Listings Vinduni Dullewe

CSE Chairman Dumith Fernando

CAL Group CEO and Capital Alliance Executive Director Ajith Fernando

The shares of Capital Alliance Ltd., (CALT) commenced trading on the Colombo Stock Exchange (CSE) yesterday.

The shares have been listed on the Diri Savi Board of the CSE under the ‘Investment Banking & Brokerage’ sector. The occasion was marked with a special Bell Ringing Ceremony.  

CALT saw 31.7 million of its shares change hands via 12,990 trades for Rs. 659 million. It closed at Rs. 20.90, up by 109% or Rs. 10.90 from its IPO price of Rs. 10 per share. Price range was Rs. 17.50 and Rs. 24.50.

Capital Alliance Chairman and Non-Executive Director Dinesh De Zoysa, CAL Group Chief Executive Officer and Capital Alliance Executive Director Ajith Fernando, Capital Alliance Holdings Non-Executive Director of Shiromal Cooray, Non-Executive Non-Independent Director Sanjeewa Anthony, Non-Executive Independent Director Aruni Siriwardene, CAL Groupd Chief Risk and Compliance Officer Sharmali Perera and Capital Alliance Managing Director Somadasa Palihawadana joined the event.

The CSE was represented by its Chairman Dumith Fernando, Chief Regulatory Officer Renuke Wijayawardhane and Head of Listings Vinduni Dullewe at the event.

The CSE Chairman, speaking at the ceremony, welcomed the company to the CSE. “The core function of our capital market is always to match savings with those who need capital. And with today’s capital raising, we have the ninth equity IPO for the year,” said Fernando. “We have about five more rushing before the end of this year to list and I’m happy to say we have crossed the 100-billion-rupee mark in terms of capital raising, both in debt and equity this year. 

“It is a delight and an honour for us to welcome a firm of the repute and track record of Capital Alliance onto the listed company platform. We are looking forward to a couple more IPOs related to capital markets. But we hope that you will be a trendsetter here. And I think, proven to us by the eight and a half times subscription of the IPO, but most notably the three and a half times retail over subscription, that there is great interest in this sector in the quality of companies like Capital Alliance.”

Also speaking at the event, CAL Group CEO and Executive Director of Capital Alliance Ajith Fernando thanked the Central Bank, Board of Directors, clients and the team, and added: “It’s a very special occasion for us. 

“A journey that started 21 years ago, as a very small company with just three employees to be here today to be a listed entity.”

Addressing the shareholders, he remarked: “This was a privately held company and most of the shareholders are also involved in the company. So, it’s a unique opportunity to see the kind of interests that we have attracted from other shareholders, particularly retail. 

“I think in a way this is the whole purpose of having a stock exchange and having a capital market. It is to allow all types of investors to take part in a business that’s otherwise restricted to institutional and corporate investors only. So, I look forward to working with all our new investors and enhancing their value and enhancing all shareholder value and enhancing our plans going forward. Once again, thank you very much and I look forward to an exciting journey ahead as a listed company in the prestigious Colombo Stock Exchange.”

Established in the year 2000, Capital Alliance Ltd., fondly known as CALT, began its journey as a Debt Securities Dealer and was appointed as a Primary Dealer by the CBSL in 2003. CALT is one of the five non-bank Primary dealers in the country. CALT is a constituent of the larger CAL Group and forms the Securities Trading arm of the Group, dealing predominantly in Government Securities. With over two decades of experience, the Capital Alliance Group has graduated to become a leading Investment Banking group in Sri Lanka. The Group has diversified into asset management, stock brokering, corporate debt and equity advisory, and private equity and research services to suit the needs of their wide-ranging clients.