Central Depository Systems (Pvt.) Ltd (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), has enabled e-IPO applications for the initial public offering (IPO) of Chrissworld Ltd, via the CSE mobile application.
The IPO is due to be opened on April 27, 2021.
CDS has introduced this new feature parallel to the stock market digitalisation process and expansion of its service offerings. This is an addition following many other digitalised processes introduced in the past such as e-Dividend and e-Rights on the eService platform.
In addition, CDS will be stepping forward with its registrar services for IPOs of companies listing on the CSE, initiating with Chrissworld Ltd.
Commenting on the developments, Head of CDS Nalin Fonseka remarked, “Chrissworld Ltd enters the stock market as the first Empower Board listing of the CSE. This IPO serves as a distinctive one, as it welcomes small and medium-scale enterprises (SMEs) to the stock market. As diverse companies enter the CSE, we intend to make the process of investing further streamlined and digitalised towards the companies and investors. Therefore, we believe that enabling digital applications for the IPOs will enhance the investor experience and further streamline the IPO process in the Sri Lankan stock market.”
He further added, “Time is a valuable resource for any industry. Since CDS is the sole custody of records of investors and listed companies, it is our belief that completion time of an IPO must be reduced. The e-IPO applications solution would benefit the existing listed companies as well as new companies intending to enter the stock market. This facility can be enabled for any future issues/IPOs upon forwarding a request to CDS.”