* hSenid to be first Enterprise Software Company to IPO on CSE
Wed, Nov 24, 2021, 10:44 am SL Time, ColomboPage News Desk, Sri Lanka.
Nov 24, Colombo: Sri Lankan global HR software solutions provider, hSenid Business Solutions, successfully concluded its investor forum, ahead of its IPO, which is due to open on the 3rd of December 2021.
The event showcased the great strides made by hSenidBiz having penetrated the global market for Human Capital Management (HCM) software while presenting the investment case to potential investors. The event attracted participation from a wide array of local and foreign investors representing both individual and institutional segments. The Q&A session that followed witnessed active engagement where participants clarified their questions directly with key decision makers and stakeholders at hSenidBiz.
Discussing the outcome of the investor forum, Dinesh Saparamadu – Director/Chairman at hSenid Business Solutions said, “The outcome of our investor forum is overwhelmingly positive. It was a pleasure to be able to directly interact with prospective investors and industry specialists. We were able to answer all their questions and address their concerns. Coming away from the event, we are confident of receiving broad-based interest in our IPO and look forward to the opening day. We thank all those who attended the event, and pledge to continue delivering exceptional value to all stakeholders as we seek to play an even bigger role in Sri Lanka’s growth story.”
Under the guidance of NDB Investment Bank, Lead Managers to the Issue, and CT CLSA Capital, Co-Managers to the Issue, hSenid Business Solutions Limited will offer 55,339,076 ordinary non-voting shares to the public at a price of LKR 12.50 per share, seeking to raise a total of approximately LKR 692 Million in equity capital. These funds are to be channelled toward product development and market development, along with strategic acquisitions in the APAC and East Africa regions. Over the past 5 years, hSenidBiz has demonstrated robust growth in PAT, combined with healthy margins and exceptional performance across all fundamental indicators.
Commenting on the company’s journey thus far, Saparamadu added, “We started hSenidBiz with just three people out of a small room at Ward Place. From day one, I was determined to build HR solutions for global markets. Today, as an indigenous multinational, we are committed to doing our part in developing the local tech industry. I wish to ensure that while our company grows, we also divert resources to upskill local tech professionals and help start-ups get off the ground. As a key player in Sri Lanka’s IT/BPM sector, we are proud to be able to support the nation’s growth trajectory through our net positive forex flows, while also helping to increase awareness about and access to foreign markets for Sri Lankan IT/BPM companies.”
Adding to this, Sampath Jayasundara, CEO/Director of hSenid Business Solutions, mentioned, “Heading in for the IPO is an exciting milestone for all stakeholders of hSenidBiz. This has not been a journey of just a few individuals but an entire network of dedicated employees, partners, customers, advisors and our shareholders. We were fortunate to have worked with big local and global corporations as it gave us unique insights into HR practices and helped us develop innovative solutions that can be scaled globally. From the team point of view, it has been a great strength to have the right people from consulting to engineering, to build a global solution. This has definitely been a stepping-stone to benchmark our products with leading international brands and added new features based on unique customer requirements and considering different industries and geographical contexts.”
Our global expansion across 40+ countries would have been mere to impossible without our global partner network. While, we thank all who have stood with us in this journey, we eagerly look forward to the new opportunities this IPO holds for the future of hSenidBiz. We strongly believe that we have a tremendous opportunity to build a global HR solutions brand that can tweak world-class solutions for different contexts and needs, and we believe we can take the lead in APAC and African regions.”
Founded in 1997, hSenidBiz is today a global Sri Lankan software solutions company, specializing in state-of-the-art HR solutions. hSenidBiz software is used by 1,000,000 users across 1,300 local and global giants among 20 diversified industries in over 40 countries and multiple business sectors, with a strong presence in Asia Pacific and Africa. hSenidBiz presently employs over 250 people and has contributed towards over 4,000 individual tech journeys during its 25-year history. hSenidBiz alumni have gone on to achieve great things and build successful careers in tech across Sri Lanka, Australia and the UK.