First Capital Treasuries to list via Rs. 300 m IPO

First Capital Treasuries PLC has announced its intention to enter an Initial Public Offering (IPO) to raise Rs. 300 million. 

The IPO is scheduled for November subject to regulatory approval. First Capital Treasuries is a leading non-bank primary dealer.

The First Capital Treasuries’ IPO aims to offer 7,695,000 ordinary voting shares to the public. The IPO price per share of Rs. 39 offers an immediate upside of 15% to 19% to an incoming investor given the value range of Rs. 46 to Rs. 48 per Share; derived as per the Independent Valuation carried out by E&Y Transaction Advisory Services Ltd. The Issue is managed by the Corporate Finance Division of First Capital Ltd. 

First Capital Treasuries Director/CEO Dilshan Wirasekara said: “The decision to list First Capital Treasuries on the Diri Savi Board is part of the company’s strategy to create liquidity for our shares, broad-base the ownership and to further enhance our brand identity. We invite the public to subscribe for shares of First Capital Treasuries, as we look ahead to further enhance our position in the government securities arena.” 

Established in 1982, First Capital Treasuries boasts an illustrious history as the  pioneer licensed primary dealer appointed by the Central Bank of Sri Lanka to deal exclusively in Government Securities. Presently, the company is the market leader amongst non-bank primary dealers with a capital base of Rs. 4.5 billion as at 30 June. 

The company continued to account for the highest amongst non-bank primary dealers raising debt for the government, taking up as much as 18% of the total issuance of treasury bonds among all primary dealers in 2020. First Capital Treasuries PLC is a subsidiary of First Capital Holdings PLC, a member of the Janashakthi Group.