The Initial Public Offering of JXG, the new listed holding company for the Janashakthi Group, was oversubscribed and fully closed on its opening day, the group said on Thursday, raising the targeted Rs. 5 billion within hours of the offer going live.
JXG consolidates Janashakthi Insurance PLC, First Capital Holdings PLC and Janashakthi Finance PLC into a single Colombo Stock Exchange listing. Shares were offered at Rs. 10.00 each, a 37 percent discount to the Rs. 15.92 fair value assessed by Deloitte, which advised on the transaction. The group said the rapid close on opening day marked a strong vote of investor confidence and completed its transition into a listed entity.
The successful IPO comes against a backdrop of broader optimism in the Colombo market, which rallied more than four percent on Tuesday after the Pakistan-brokered US–Iran ceasefire prompted a sharp drop in oil prices and a rebound in the rupee. The IPO was originally flagged as a watchdate item when it was announced earlier this week.
JXG’s listing is the largest single equity capital-raise on the CSE this year and will give the Janashakthi Group a single quoted holding structure under the JXG ticker. The group said allocations will be processed in the coming days and trading in the new listed shares will begin after regulatory clearance.
