People’s Leasing Company (PLCL) announced its Initial Public Offering (IPO). The Company intends to issue 390 million Ordinary Voting Shares at Rs 18 per share to raise Rs 7,020,000,720. The new shares will amount to 25 percent of the Issued and Paid up Ordinary Shares of the Company subsequent to the issue.
D P Kumarage, CEO/GM of PLCL stated, “People’s Leasing is one of the fastest growing leasing companies in the country, with a clear market share of over 20 percent. The Company possesses the potential to scale to greater heights in the next decade. I am confident that this IPO will receive an overwhelming response from investors, both individual and institutional, enhancing the value for our shareholders, while strengthening our capacity to fund our ambitious growth plans in the future.”
The IPO is jointly managed by NDB Investment Bank and Capital Alliance Holdings. The primary objective of the issue is to obtain a listing for the Ordinary Voting Shares of PLCL on the Colombo Stock Exchange (CSE) to comply with the regulatory requirement of the Monetary Board of CBSL. The funds raised through the issue will be utilised to part finance the loan disbursements made by the Company to its customers during the remaining period of the financial year 2011/12 through financial products such as leasing, hire purchase and loans.
