LCB Finance goes public, launches IPO

Business

LCB Finance is going public entering the Colombo stock market with a Rs. 500 million, issue offering a 15.82 percent stake made up of 125 million shares at Rs. 4 each.

“The price to book value is1.26 and financial advisor NDB Investment Bank is promoting the IPO as 7.7 percent discount to the upper limit,” the company said in a media release.

Lanka Credit & Business Finance Ltd. currently owns 84 percent in the company and post IPO will hold 70.58 percent.

LCB Finance is listing on the CSE to meet the dual objectives of fulfilling its regulatory core capital requirement and financing. LCB Finance is a licensed Finance Company under the supervision and regulation of Central Bank of Sri Lanka.

LCB has eight branches. Its assets are worth Rs. 3.7 billion as at end of F/Y 2021, income is Rs. 461.4 million while pre-tax profit is Rs. 100 million. Total shareholders’ funds amount to Rs. 2.1 billion with 4.75 percent returns over equity. LCB has customer base over 26,000, it said.

Commenting on the financial condition of the company CEO/ Executive Director K.G. Leelananda stated that the company recorded a substantial growth during the period 2020/2021 under the current economic background. As at end April 2021 the total capital funds was Rs.2,175 million.

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