UB Finance IPO snapped up within minutes of opening

The Initial Public Offering of UB Finance Co. Ltd. (UBF), which opened yesterday, was oversubscribed on the same day.

“Within minutes of opening, the 55 million share offering was fully subscribed underscoring renewed confidence in financial markets,” the company said in a statement.

The share issue is managed by NDB Investment Bank Limited (NDBIB).

UB Finance became the first company to successfully launch an IPO as Sri Lanka’s economy shows signs of recovery. This IPO follows the announcement of the Domestic Debt Optimisation plan set out by the Central Bank of Sri Lanka. 

Notably, UBF holds the distinction of being the first Licensed Finance Company owned by a Licensed Private Commercial Bank, the Union Bank of Colombo PLC.

UB Finance Director/CEO Ransith Karunaratne expressed great satisfaction with the IPO’s outcome, particularly in the post DDO scenario.

He highlighted the significance of this success not only for UBF but also as a testament to the unwavering buoyancy in the entire financial sector. 

While acknowledging the challenges ahead for the economy, he expressed confidence in the resilient spirit of the Sri Lankan people.

UBF has firmly established itself as a premier player in the financial services sector and is committed to supporting the envisioned economic development of Sri Lanka. 

The company is especially focused on uplifting the unbanked Retail and SME sectors, recognising their vital role in spurring economic recovery and sustainable growth.