Cargills Bank rings opening bell at CSE marking successful IPO and listing

Wednesday, 10 January 2024 00:15 - - {{hitsCtrl.values.hits}}

Cargills Bank yesterday ceremonially rang the opening bell of the Colombo Stock Exchange (CSE) at 9.30 a.m. to mark the successful conclusion of its Initial Public Offering (IPO) and listing on the CSE.

Shares of Cargills Bank commenced trading on the main board of the CSE, under the ticker symbol ‘CBNK’.

The IPO, which was oversubscribed by nearly 3X, underscores the trust that investors have in the bank’s growth trajectory and leadership. The basis of allotment reflected a fair and transparent approach to ensure broad participation with applications for up to 25,000 shares receiving the full allotment, whilst applications for over 25,000 shares were allotted 25,000 shares plus 23.34% of the balance shares applied for.

Cargills Bank Managing Director/CEO Senarath Bandara expressed his satisfaction at the successful outcome of the IPO saying, “We are humbled by the response we received from investors. This keen interest in our offer underscores the trust that investors and the public place in Cargills Bank’s vision for a more financially inclusive Sri Lanka and our capability to deliver on that promise. We remain steadfast in our commitment to these objectives and take this opportunity to thank all who expressed interest in our offer, whilst reaffirming our dedication to delivering exceptional value to all stakeholders. As we embark on this new chapter, we look forward to a future of sustained growth, innovation and equitable wealth creation.”

On its debut trading day, Cargills Bank saw 9.6 million shares changing hands via 2 trades for Rs. 76.9 million. It closed at Rs. 8.10, up by 10 cents from its IPO price.

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