JXG, the financial conglomerate comprising Janashakthi Insurance PLC, First Capital Holdings PLC, and Janashakthi Finance PLC, announced that its Initial Public Offering (IPO) was oversubscribed on the opening day, reflecting strong investor confidence.
The IPO, which opened for subscription on April 9, 2026, was fully subscribed and closed on the same day, marking a significant milestone for the group as it transitions into a listed entity.
JXG sought to raise Rs. 5 billion through the issuance of 500 million ordinary voting shares priced at Rs. 10 each, representing a 21.74% stake in the company.
According to the company, an independent valuation by Deloitte Sri Lanka placed the per-share value of JXG at Rs. 15.92, indicating that the IPO price offered investors a 37.18% discount, which contributed to strong investor demand.
The proceeds from the IPO are expected to be used to support growth initiatives, including Rs. 3.5 billion to expand and diversify its financial services footprint across general insurance, microfinance and non-bank financial institutions, Rs. 500 million for regional overseas expansion, and Rs. 1 billion to retire debt and strengthen the capital structure.
Commenting on the IPO, Janashakthi Group Managing Director and Group CEO Ramesh Schaffter described the offering as a defining milestone and noted that it represents the largest IPO in Sri Lanka in over 15 years.
He said the strong investor response reflected confidence in the group’s fundamentals, governance framework and long-term growth strategy.
JXG also stated that as it transitions into a listed entity, it remains committed to maintaining high standards of governance and transparency, with five Independent Non-Executive Directors providing oversight.
First Capital Advisory Services (Pvt) Ltd acted as the Manager and Financial Advisor to the issue. (Newswire)