Friday Apr 10, 2026
Friday Apr 10, 2026
Friday, 10 April 2026 00:25 - - {{hitsCtrl.values.hits}}
Janashakthi Group (JXG), the well-established financial conglomerate comprising Janashakthi Insurance PLC, First Capital Holdings PLC, and Janashakthi Finance PLC, successfully concluded its Initial Public Offering (IPO), which opened for subscription yesterday.
The issue was oversubscribed on the opening day and closed on the same day, reflecting the strong confidence and trust placed by investors in the company and marking a significant milestone in its journey.
The IPO, which proposed to raise Rs. 5 billion through the issue of 500 million ordinary voting shares at Rs. 10 per share amounting to a 21.74% stake in the listed entity, was oversubscribed, reflecting strong investor confidence in the Group’s fundamentals, governance framework, and long-term growth strategy.
An independent valuation by Deloitte Sri Lanka placed JXG’s per-share value at Rs. 15.92, with the IPO share price offering a 37.18% discount, further enhancing the attractiveness of the offering and contributing to the strong market appetite.
Proceeds from the IPO will be strategically allocated to fuel growth, including Rs. 3.5 billion to expand and diversify its financial services footprint through strategic entry and expansion across General Insurance, Microfinance, and Non-Bank Financial Institutions (NBFI), Rs. 500 million for regional overseas expansion, and Rs. 1 billion to retire debt, optimise the capital structure, and enhance financial flexibility.
JXG Managing Director/Group CEO Ramesh Schaffter said: “This marks a defining milestone for JXG, as we deliver the largest IPO in Sri Lanka in over 15 years. In the face of ongoing global uncertainties and geopolitical challenges, we made a deliberate decision to move forward guided by the endurance and conviction that define the Janashakthi spirit. We extend our sincere appreciation to all investors who have placed their trust in us by becoming shareholders. The strength of this response is a reflection of the strength and goodwill of JXG. As we move ahead, we remain firmly focused on executing our strategic priorities, strengthening our capital base, and delivering sustainable, long-term value to all stakeholders.”
As JXG transitions into a listed entity, it reiterates its commitment to maintaining the highest standards of governance and transparency. The Board continues to benefit from strong independent oversight, with five Independent Non-Executive Directors.
First Capital Advisory Services Ltd., acted as the Manager and Financial Adviser to the issue.
