Sampath Bank, NDB Bank to underwrite SDF IPO

The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on November 23 and will comprise an initial issue of 22,727,273 shares raising Rs. 500 milliom followed by a green shoe issue of a further 22,727,273 shares for an additional Rs. 500 million.

Sampath Bank and NDB Bank have underwritten 50 percent of the initial tranche of the IPO. Shares have been priced at Rs. 22 and SDF intends to raise the entire Rs. 1 billion to part finance its growing loan portfolio and help fulfill its regulatory core capital requirements, the finance company said in a media release.

“SDF will add to the diversity of the Colombo Stock Exchange by being the first impact investment opportunity in the non-bank sector and will offer potential investors the opportunity to participate in creating significant social and economic value across all communities in Sri Lanka through the vast network of over 5,400 Sarvodaya societies across the island,” it said.