People's Leasing, Sri Lanka's largest leasing firm, plans to raise 70 million US dollars in an initial public offer of a 25 percent stake or 390 million shares at 18 rupees each, opening on November 03, 2011.
People's Leasing Company chief executive D P Kumarage told a news conference the firm will expand its branch network in the north and east regions which are recovering from the effects of war.
The IPO of People's Leasing Company, a fully owned subsidiary of People's Bank, the second-largest state-owned bank in the island, is jointly managed by NDB Investment Bank and Capital Alliance Holdings.
The leasing and hire purchase market is expected to have a compounded annual growth rate of 25 percent up to 2018, according to a Capital Alliance Holdings report on the IPO.
Increasing levels of income, growth in vehicle ownership and re-financing are likely to accelerate growth in the leasing and hire purchase market, they said.
Leasing and hire purchase constitute over 80 percent of