UPDATE: PCH IPO Oversubscribed
August 5, 2010 03:46 pm
L-R Mr. Mangala Boyagoda, Mr. SHM Rishan and Mr. Sarath Wikramanayake addressing the media at a media conference held to announce its IPO.
PC House Limited (PCH) today announced that its Initial Public Offering to issue 57,233,334 shares at the price of Rs. 11/- per share has been successfully oversubscribed on the opening hour of offering. A strong demand in the market was witnessed given the extremely high growth expected in the ICT industry coupled with the fact that PCH, the premier ICT service provider, will be the first fully fledged IT Company that will be listed in the Colombo Stock Exchange.
Expressing his delight at the oversubscription, Chairman of PCH, Mr. S.H.M. Rishan said, “Together with the Board of Directors of PCH, I would like to extend my sincerest gratitude towards all who placed their trust and confidence in our issue and take this opportunity to further reiterate our commitment to excellence.”
The company offered 25% of its total equity to raise a total of Rs. 629,566,674/- through its IPO. Through the successful IPO, PCH plans to upgrade its BPO/ KPO operation, in addition to launching a state-of-the-art Internet Data Centre (IDC) Facility. They also plan to rapidly expand their regional network which is already very strong. A small portion of the IPO proceeds will be utilized to retire some of the expensive debt they carry at present.
PCH’s dominant presence in the hardware and software market, its rapidly enhancing stature as a provider of corporate and business solutions (through its subsidiary, Greenwich Lanka Private Limited), its new Business Process Outsourcing (BPO) business and its planned Internet Data Centre (IDC) business, will give PCH the ability to meet all client requirements from all market segments.
Speaking of the oversubscription, Mr. Sarath Wikramanayake, Director of PCH said, “This is a great milestone in the history of our company. It gives us a great sense of satisfaction to see the levels of confidence displayed by the local investing community. With a world class stock market and high growth prospects in the ICT industry, all investors in PCH can be assured of a very profitable partnership with us.”
It is hoped that this bold move by PCH will pave the way for the numerous other visionary and brilliant entrepreneurs throughout Sri Lanka to seek capital from the investing public to expand their businesses and take our country onwards and upwards. It must not be forgotten that Mr. Rishan started off from virtually nothing. This is truly a great achievement that everyone in this country should be proud of.
The successful IPO marks yet another trophy in the cabinet for NDB Investment Bank who were the Managers and Financial Advisors to the PCH IPO offering.
PC House Limited was incorporated as a limited liability company in the year 2000, after having commenced business in 1997. Its Board of Directors consists of Messrs S.H.M. Rishan, Mangala Boyagoda, Sarath Wikramanayake, Modarage Thilakasiri, Shanti Kumar Nadarajah, Kuvera de Zoysa and Mrs. Sharmila Rishan.