The most successful IPO in recent times, hSenid Business Solutions (HBS) yesterday had a successful debut on the Colombo Stock Exchange (CSE) with a price gain of 70%.

HBS saw 24.5 million of its shares change hands via 10,718 trades for Rs. 548.8 million accounting for second highest in turnover.  The share closed at Rs. 21.20, up by Rs. 8.70 or 69.60% from its IPO price of Rs. 12.50.

HBS IPO was for 55.4 million shares aimed at raising Rs. 700 million but it closed on its official opening day with 10,602 applications worth Rs. 9.3 billion, reflecting an oversubscription of 13.5 times. 

HBS is also the first ever IT/BPM sector player to be listed on the CSE, allowing the public to invest in a whole new sector of the economy, and potentially Sri Lanka’s most promising sector for future growth, the company said. 

Funds raised via the IPO are intended to finance product development and market development, along with strategic acquisitions in the APAC and East Africa regions. Over the past five years, hSenid has demonstrated robust growth in PAT, combined with exceptional performance across all other fundamental indicators.

Founded in 1997, hSenid is today a global Sri Lankan software solutions company, specialising in state-of-the-art HR solutions. hSenid software is used by local and global giants across 40 countries and multiple business sectors, with a strong presence in Asia Pacific and Africa. hSenid Business Solutions presently employs over 250 people and has contributed towards over 4,000 individual tech journeys during its 24+ year history. hSenid alumni have gone on to achieve great things and build successful careers in tech across Sri Lanka, Australia and the UK. 

 

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