CAL’s Rs.1.58 IPO oversubscribed within hours

Capital Alliance Holdings Limited's (CALH) Rs. 1.58 billion initial public offering (IPO) was oversubscribed within hours of opening today.

In a filing with the Colombo Stock Exchange (CSE), CALH announced that its offering of 157,500,000 shares at an issue price of Rs. 10 had been met with overwhelming investor interest and was fully subscribed. Consequently, the subscription list for the IPO will close at 4:30 p.m. today (May 8, 2025).

"Applications received until the close of business today will be accepted," the company stated.

CALH expressed its gratitude, saying, "Thank you for driving a movement that's transforming markets and to every investor who believes in our mission to take Sri Lankan financial expertise across borders and shape the future of frontier markets."

The basis of allotment is expected to be notified to the CSE in due course.

Through this IPO, the company will list 7.6 percent of its stake, equivalent to 157.5 million shares, on the Main Board of the CSE. The shares were offered at Rs. 10 each, representing a 21 percent discount compared to the company's September valuation of Rs. 24 billion. Following the IPO, CALH's market capitalization is projected to reach Rs. 20.7 billion.

Nearly half of the IPO proceeds will be allocated to fund CALH's expansion into Kenya, which is targeted to be completed within one year. (NF)