íThe Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), SLASSCOM and Hatch recently hosted an awareness session on the Empower Board, discussing the specific opportunities for start-ups and entrepreneurs.
The insights shared at the event offered the participants perspective on why a new wave of tech companies globally are opting to tap into public funding through initial public offerings to spur their next phase of expansion and the opportunities available to Sri Lankan tech companies and start-ups to pursue similar benefits through accessing public funds.
The Empower Board was presented as an effective means through which Sri Lankan start-ups and progressive entrepreneurs could fund growth initiatives and achieve an overall transformation of their business.
The requirements and process involved with a listing on the Empower Board have been tailored to capture the context of young and growing companies and largely vary from the other listing platforms at the CSE.
Companies listing on Empower are set to operate in an environment where they will benefit from the advisory role of a CSE-approved Sponsor, which will offer the company pre and post-listing support.
The Empower Board was introduced in 2018 and is similar to a number of listing platforms launched by peer stock exchanges from around the world targeting growth companies, particularly entities that are in an early-mid stage of their lifecycle. Growing tech company listings are a frequent occurrence in peer foreign markets such as Malaysia, India, Poland, Malta and Sweden, which demonstrates the potential for Sri Lankan start-ups to emulate similar success in the Sri Lankan capital market.
Speakers at the event included SEC Chairman Ranel Wijesinha, CSE CEO Rajeeva Bandaranaike and LYNEAR Wealth Management (Pvt.) Limited Managing Director Naveen Gunawardane.
The speakers also were subsequently joined by SLASSCOM Chairman Jeevan Gnanam and CSE Listings Head Vinduni Dullewe for a discussion with the audience. The Empower Board Sponsors, who are pivotal to guiding the companies interested in listing on the Empower Board, were also present at the event.
Since launching the Empower Board, the CSE in association with the SEC has embarked on an awareness drive in key regions around the country, creating awareness on equity-based capital raising options available to entrepreneurs and growth companies.
Start-ups and tech companies are invited to connect with the CSE to discuss how they too can achieve a listing on the Empower Board to spur on the company’s growth agenda.