DFCC announces IPO plans for subsidiary LINDEL

Lanka Industrial Estates Limited (LINDEL), a subsidiary of DFCC Bank Group is set to go public with an Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE).

 “LINDEL is currently in the process of listing itself on the Colombo Stock Exchange via an IPO,” DFCC Bank announced to its shareholders in its latest annual report, which was released to the CSE this week.LINDEL was founded in 1992 as a subsidiary company of DFCC Bank PLC. LINDEL is Sri Lanka’s first private sector owned and operated industrial estate. The company was setup as a joint venture arrangement between the DFCC Bank and the Government of Sri Lanka and is often cited as an example of a successful and profitable public-private partnership.

The company’s core operations include setting up, operating and managing industrial estates in Sri Lanka and recently it also got involved in renewable power generation.
LINDEL was expected to complete the expansion of its rooftop solar power generation capacity up to 1.5 MW last month.

In 2021, LINDEL reported profits after tax of Rs.238 million, up from Rs.208 million reported in 2020, and aniInter-company dividend of Rs.85.7 million was paid to DFCC Bank by LINDEL in 2020.

In particular, LINDEL is well known for its role in setting up the LINDEL Industrial Estate at Sapugaskanda by upgrading and making use of the remaining infrastructure facilities of the defunct State Fertilizer Manufacturing Corporation, which became a pioneering project of the company.

The industrial park spans across 125 acres  and its  fully developed and tenanted by several leading enterprises including affiliates of eight Fortune 500 companies.