JXG IPO 3X oversubscribed showcasing strong investor confidence

The Initial Public Offering (IPO) of JXG (Janashakthi Group), the largest IPO in almost 15 years, was oversubscribed on its opening day, with a total of 20,397 applications amounting to LKR 15,164,145,000 reflecting an oversubscription of over three times.

This overwhelming response reflects strong investor confidence in the Janashakthi brand, despite volatility amidst global geopolitical tensions,

The IPO sought to raise LKR 5 billion through the issue of 500 million ordinary voting shares at LKR 10.00 per share, representing a 21.74% post IPO stake in the Company.

The strong and immediate response underscores investor confidence in the Group’s robust fundamentals, disciplined governance framework and clearly defined long-term growth strategy in line with JXG’s vision of “breaking barriers, forging futures.”

Proceeds from the IPO will be strategically deployed to accelerate growth and strengthen the Group’s market position.

Of the total funds raised, LKR 3.5 billion will be allocated towards expanding and diversifying its financial services footprint across General Insurance, Microfinance and Non-Bank Financial Institutions (NBFIs).

A further LKR 500 million will support regional expansion initiatives, while LKR 1 billion will be utilised to retire debt, optimise the capital structure and enhance overall financial flexibility.

Commenting on the milestone, Ramesh Schaffter, Managing Director/Group CEO of JXG (Janashakthi Group), stated,

“We are delighted by the exceptional response to our IPO, which was 3X oversubscribed within the first day of opening.

For decades, the Janashakthi Group has stood alongside Sri Lankans, and financially empowered the nation.

This IPO takes our commitment to the next level. We extend our sincere appreciation to all investors for the confidence they have placed in us.

As we enter this new chapter, we remain firmly focused on executing our strategic priorities, strengthening our capital base and delivering sustained, long-term value to all stakeholders.”

As JXG transitions into a listed entity, the Group reaffirms its commitment to upholding the highest standards of governance, transparency and accountability.

The Board comprises strong independent oversight, with five Independent Non-Executive Directors.

First Capital Advisory Services (Pvt) Ltd acted as the Manager and Financial Advisor to the Issue.