Dialog Rings in 20 Years on the Colombo Stock Exchange

Photographed from left to right: Mr. Munesh David, Group Chief Commercial Officer & Acting Group Chief Financial Officer, Dialog Axiata PLC; Ms. Viranthi Attygalle, Group Company Secretary, Dialog Axiata PLC; Mr. Rajeeva Bandaranaike, Chief Executive Officer, CSE; Mr. Supun Weerasinghe, Director/Group Chief Executive, Dialog Axiata PLC; Mr. Sujeewa Peiris, Non-Executive Director, CSE;  Ms. Vindhya Jayasekera, Chief Executive Officer Designate, CSE; Mr. Renuke Wijayawardhane, Chief Regulatory Officer, CSE. 

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, marked a significant milestone—20 years since its landmark listing on the Colombo Stock Exchange (CSE) in July 2005. To commemorate this milestone, a ceremonial bell-ringing was held, attended by the senior management of Dialog and CSE.

Dialog’s Initial Public Offering (IPO) raised Rs. 8.5 billion and was oversubscribed 6.5 times—setting a record as the largest-ever IPO in the history of the CSE, a distinction it continues to hold to this day. Access to Sri Lanka’s capital markets, supported by the strong governance framework enabled through its public listing, has played a key role in Dialog’s transformation into Sri Lanka’s largest telecommunications service provider, now connecting over 20 million Sri Lankans across mobile, broadband, television and enterprise services.

Dialog also remains the largest Foreign Direct Investor in Sri Lanka, with cumulative investments exceeding USD 3.37 billion. These investments have supported the expansion of advanced digital infrastructure and services across the country, helping to bridge divides and foster inclusive development.

Over the years, Dialog has led a number of industry firsts—introducing South Asia’s first 3G network, launching Sri Lanka’s first 4G services, and becoming the first operator to trial 5G in the country. Guided by its purpose and values, the company has remained focused on enabling progress and opportunity through technology.

Dialog is currently ranked #7 among listed companies on the CSE by market capitalization and this journey has been supported by a broad base of over 23,000 shareholders, with 99.46% comprising Sri Lankan residents—underscoring local confidence in Dialog’s vision of enriching and empowering Sri Lankan lives and enterprises. Notably, over 13,000 of the original IPO investors continue to hold Dialog shares today—reflecting enduring trust in the company’s vision and stewardship.

In his opening remarks, Mr. Rajeeva Bandaranaike, Chief Executive Officer of the Colombo Stock Exchange, congratulated Dialog Axiata PLC on reaching 20 years as a listed entity and reflected on its landmark IPO in 2005, stating, “We are here to mark a truly special occasion, one that reflects both the strength of the past and the potential of the future. Dialog’s IPO, which took place 20 years ago, remains an iconic event in the history of the Stock Exchange. It continues to hold records, not only for the size of the offering but, more importantly, for the number of new investors it attracted to the market.”

He went on to say, “Over the past two decades, Dialog has remained at the forefront of innovation, from expanding mobile telephony to introducing technology driven solutions that have helped shape the country’s digital future. On behalf of the Colombo Stock Exchange, I extend our warmest congratulations to Dialog Axiata PLC and wish the company continued success in the years ahead.”

“Marking 20 years as a listed company is a significant milestone in our journey,” said Mr. Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata PLC. “We are sincerely grateful to our shareholders, customers, and all those who have supported us over the years. Our listing on the CSE has given us the platform to grow, invest, and innovate responsibly. As we look ahead, we remain committed to enriching lives, enabling digital inclusion, and creating long-term value for all our stakeholders.”

This anniversary served as both a celebration of past achievements and a reaffirmation of Dialog’s commitment to shaping Sri Lanka’s connected future through accessible, world-class digital services.