ECONOMYNEXT – An initial public offer (IPO) by Sri Lanka’s a multinational software product company hSenid Business Solutions Limited (hBS) is opening on Friday December 3, offering 55.3 million shares at 12.50 rupees to raise 691.7 million rupees, the company document showed.
If fully subscribed, the new shares will amount to 20 percent of the post issue shares of the company.
“By utilising the proceeds of the IPO, hBS aims to become the most preferred HXM (Human Experience Management) Solutions provider in the APAC and African regions with a globally competent workforce and agile and AI driven product innovations,” the company said in its IPO document.
In the year to March 2021, the firm reported profits of 209.2 million rupees, 24.7 percent higher than the previous year.
Revenue grew marginally to 961.5 million rupees from 955.1 million rupees, and cost of sales fell to 448 million rupees from 464 million rupees a year ago, helping the gross profit to rise to 513.5 million rupees from 491 million.
NDB Investment Bank is lead manager to the IPO. (Colombo/Dec 1/2021)