Janashakthi Ltd. (ticker: JXG), the latest entrant to the Colombo Stock Exchange, will begin trading on Wednesday, April 29, the company said. The first day of trading will be marked with a Ceremonial Bell Ringing at the CSE.
JXG’s Rs. 5 billion Initial Public Offering, which placed 500 million shares at Rs. 10 each, was oversubscribed by three times. The company received 20,397 applications requesting 1.5 billion shares worth Rs. 15.16 billion, the Daily FT reported. EconomyNext said a total of 2.3 billion JXG shares will be listed on the bourse under the diversified financials sector.
The listing concludes a controversial process. The IPO closed fully on its opening day on April 9, but the preferential allotment methodology drew public criticism, prompting the CSE to order Janashakthi to issue a market clarification on the share allocation framework.
JXG consolidates Janashakthi Insurance PLC, First Capital Holdings PLC and Janashakthi Finance PLC into a single listed holding company. Shares were offered at a 37 percent discount to the Rs. 15.92 fair value assessed by Deloitte, the transaction’s advisor.
The CSE listing is the largest single equity capital-raise on the bourse this year. The All Share Price Index closed broadly flat on Tuesday at 22,620.15, up 0.03 percent, on turnover of Rs. 3.1 billion, EconomyNext reported.
