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NDB Investment Bank (NDBIB) was able to structure and execute a number of landmark transactions, reinvigorating the capital market and creating a platform for investment in Sri Lanka.

The year's achievements included the highly successful Dialog Telecom Limited (Dialog) Initial Public Offering (IPO) where NDBIB acted as the Financial Advisors and Managers to the Issue. At Rs. 8,500 million, the IPO holds the distinction of being the largest ever equity offering in the local market, with aggregate funds collected amounting to approximately Rs. 56,000 million.

The international road shows conducted by NDBIB in collaboration with the Management of Dialog created wide interest abroad resulting in foreign subscriptions totalling around US $ 400 Million (Rs. 40,000 million).

The bank's reputation as the market leader in equity related transactions was further cemented through the placement of Rs. 600 million in equity of Ceylon Glass Company Limited (CGC), the local subsidiary of Gujarat Glass Limited.

The book building exercise introduced in 2004 by NDBIB for the Lanka IOC IPO which was replicated in the placement of CGC shares, allowed investors to determine the transaction price by submitting price bids based on their independent assessment of the value of the stock.

Bids were received across a wide range of share prices, thereby optimising the value of the transaction for both the buyer and the seller.

In addition, NDBIB functioned as the advisor and facilitator for the partial divestment of National Development Bank's stake-holding in Hayleys MGT Knitting Mills Limited (HMGT) through its comprehensive analysis of the knit-fabric industry and valuation of the shares of HMGT which elected a pro-active response from potential investors.

NDBIB also acted as the book runner in this equity placement amounting to Rs. 300 Million.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.