UB Finance Rs. 55 m IPO snapped up

• Company says move signals promising shift towards economic recovery

UB Finance Co Ltd. (UBF) announced the oversubscription of its Initial Public Offering (IPO) and said the move signaled signs of recovery in Sri Lanka’s economy.

The IPO follows the announcement of the Domestic Debt Optimisation plan set out by the Central Bank of Sri Lanka and the first IPO for over an a year. 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 UBF IPO officially opened yesterday and received an overwhelming response from the retail investor segment. Within minutes of opening the 55 million share at one Rupees each offering was fully subscribed underscoring renewed confidence in financial markets.

Director/Chief Executive Officer Ransith Karunaratne expressed great satisfaction with the IPO’s outcome, particularly in the post DDO scenario. He highlighted the significance of this success not only for UBF but also as a testament to the unwavering buoyancy in the entire financial sector. While acknowledging the challenges ahead for the economy he expressed confidence in the resilient spirit of the Sri Lankan people.

UBF said it has firmly established itself as a premier player in the financial services sector and is committed to supporting the envisioned economic development of Sri Lanka. The company is especially focused on uplifting the unbanked Retail and SME sectors, recognising their vital role in spurring economic recovery and sustainable growth.

NDB Investment Bank Ltd., acted as the Sole Financial Advisors and Managers to the IPO.