Overwhelming success for Expolanka IPO road shows in Singapore, Mumbai

Thursday, 5 May 2011 00:21 -     - {{hitsCtrl.values.hits}}

The investor road shows in Singapore and Mumbai, promoting the Rs. 2.4 billion Initial Public Offering (IPO) of Expolanka Holdings, have been an overwhelming success.

“I was overwhelmed by the interest shown by foreign investors in the Expolanka story,” Expolanka Holdings Group CEO Hanif Yusoof told the Daily FT.

Road shows were successfully held in Singapore on 27 April and in Mumbai the next day. Joint managers and financial advisors to the offering, CT Capital Ltd., led the delegation, which also comprised senior officials of Expolanka Holdings. The delegation held meetings with several foreign institutional investors who showed significant interest in the Expolanka IPO.

“There was a very strong appreciation by investors of the growth track record of Expolanka both in Sri Lanka and in the region. They understood that it was one of the few Sri Lankan companies to venture successfully overseas and gain leadership positions in other high growth emerging markets,” Head of CT Financial Services Sheyantha Abeykoon said.

“Most of these FIIs have long-term investment horizons and are willing to pay a fair price for growth,” he added.

CT Smith has been at the forefront of marketing Sri Lankan equities to foreign institutional investors over the last 20 years.

The IPO of 172 million shares at Rs. 14 each is open for subscription whilst its official debut is 12 May.

CT Capital-linked CT Smith Stockbrokers and John Keells Stock Brokers, which is linked to lead managers and financial advisors to the Expolanka IPO, John Keells Capital, have recommended share offering as subscribe.

Expolanka Holdings is a family controlled diversified multinational engaged in transportation, logistics, exports, agriculture, travel and tourism, manufacturing and strategic investments.