HNB Investment Bank drives JF Packaging IPO to six-fold oversubscription

Monday, 10 November 2025 03:18 - - {{hitsCtrl.values.hits}}

HNB Investment Bank Senior Assistant Vice President Shivanthi Sugathadasa

The Initial Public Offering (IPO) of JF Packaging Ltd., was oversubscribed by more than six times, reflecting strong investor confidence in both the company’s growth potential and the broader appetite for quality local listings.

Priced at Rs. 11.60 per share, the IPO offered 51.7 million ordinary voting shares through an Offer for Subscription, aiming to raise Rs. 600 million and valuing the company at a market capitalisation of approximately Rs. 2 billion. The issue attracted over 7,500 applications and raised a total of Rs. 3.7 billion, marking one of the most successful IPOs in recent times.

HNB Investment Bank (HNBIB) served as the Financial Advisor and Manager to the Issue, playing a lead role from inception to execution. The firm guided JF Packaging through the entire process, from initial structuring and valuation to regulatory submissions, investor engagement and final allocation.

Established in 1987, JF Packaging Limited has evolved into one of Sri Lanka’s leading flexible packaging manufacturers, supplying to many of the country’s top FMCG brands. The company’s continued investment in innovation, sustainability, and advanced manufacturing has positioned it as a key contributor to Sri Lanka’s industrial development.

HNB Investment Bank Senior Assistant Vice President Shivanthi Sugathadasa, who led the transaction said: “We are delighted to have partnered with JF Packaging on this milestone IPO. Our team worked closely with the company from the earliest stages to develop a robust issue structure and value proposition that would resonate with both institutional and retail investors. The exceptional oversubscription reflects not only the strength of JF Packaging’s business fundamentals but also the growing investor confidence in well-managed, high-performing Sri Lankan enterprises entering the capital market.”

HNB Investment Bank’s expertise in end-to-end issue management, strategic advisory, and investor outreach continues to reinforce its position as one of Sri Lanka’s most trusted investment banks, enabling homegrown businesses to access capital and scale sustainably.