ICT sector explores unlocking value and funding opportunities through capital market

Wednesday, 13 November 2024 00:08 - - {{hitsCtrl.values.hits}}

Moderator CSE Senior Vice President – Commercial Punyamali Saparamadu, USAID Acting Mission Director Venkadesh Ramraj, CSE Chairman Dilshan Wirasekara, hSenid Group Founder and Chairman Dinesh Saparamadu and PickMe Founder and CEO Jiffry Zulfer

The Colombo Stock Exchange (CSE) and US Agency for International Development (USAID) together with SLASSCOM and FITIS, recently hosted a forum titled “Unlocking value via capital markets and funding options for the IT sector”. The forum aimed to empower companies in the ICT sector by exploring alternative funding sources and raising awareness about the process of going public in today’s dynamic market environment.

Supported by USAID’s Catalyze Private Sector Development initiative, this event covered a range of topics aimed at enhancing investor awareness. Highlights included an introduction to capital markets and alternative funding options for IT firms, insights into investor expectations, and the benefits of listing with the Colombo Stock Exchange. Attendees also gained valuable knowledge about the regulatory landscape, compliance requirements for going public, and success stories shared by industry leaders.

hSenid Group of Companies Founder and Chairman Dinesh Saparamadu and, Digital Mobility Solutions Lanka Ltd. (PickMe) Founder and CEO Jiffry Zulfer which recently raised Rs. 1.6 billion through its stock exchange listing, shared their perspectives on navigating the listing process. PickMe’s successful listing underscores the significant potential for growth and investment in Sri Lanka’s ICT sector.

Speaking on behalf of the CSE, Chairman Dilshan Wirasekara noted, “The top five companies globally by market capitalisation are IT-focused, highlighting the vast potential of this sector. In Sri Lanka, the IT industry ranks as the third-largest export contributor, generating $ 1.5 billion in 2023 and employing over 150,000 skilled professionals. Growing over 300% in the past decade, it’s a key driver of economic progress and digital transformation. By tapping into capital markets, IT companies can secure vital investment, supporting further growth and contributing to national prosperity.”

“The United States through USAID understands how crucial the ICT sector is to Sri Lanka’s economic growth and prosperity,” said USAID Acting Mission Director Justin DiVenanzo in a statement. “That is why USAID is working with the CSE to help the sector gain access to funding through capital markets. We know the sector not only drives innovation and job creation but also provides numerous employment opportunities for women.”

During the event, CT CLSA Assistant Vice President – Investment Banking Venkadesh Ramraj delivered a comprehensive presentation titled “Understanding capital markets, funding options for IT/ICT companies and, benefits of listing on the CSE”.

The forum concluded with an interactive panel discussion and Q&A session. The panel featured; Dinesh Saparamadu, Jiffry Zulfer, Venkadesh Ramraj and Dilshan Wirasekara. This session, moderated by CSE Senior Vice President – Commercial Punyamali Saparamadu provided an opportunity for participants to seek clarifications and engage directly with the experts.