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Sri Lanka set for record 60 IPOs in 2011

Dec 15, 2010 2:40:51 AM - itnnews.lk

The country’s thriving stock market expects at least 60 new firms to be listed next year, as companies scramble to cash in on the island’s post-war economic boom.

The Colombo Stock Exchange’s benchmark All Share Price Index has climbed over 90 percent this year and is one of the best performing indices in the world, according to official figures. According to Securities and Exchange Commission Director General, Malik Cader they have between 60 and 75 Initial Public Offerings lined up for next year that include five state entities and 35 finance companies. He said that during this year, 10 firms used the stock exchange to raise some 40 million dollars in capital.

Some of the state-owned entities lined up for IPOs next year include national carrier SriLankan Airlines, its catering unit SriLankan Catering and Litro Gas. Mr. Cader said the IPO boom could lift the Colombo market’s capitalisation to 30 Billion Dollars) next year from the current 20 billion Dollars.