NDBIB extends leadership across all product verticals in 2017
Maintaining its undisputed leadership position as the Best Investment Bank in Sri Lanka, NDB Investment Bank (NDBIB) continued its exceptional performance in the year 2017 with greater level of activity across all product segments, including M&A advisory and equity and debt capital markets.
NDBIB added many landmark and momentous transactions to its repertoire including being the first Sri Lankan investment bank to manage an overseas IPO, the largest equity fund raising in the Maldives to date. NDBIB teaming up with NDB Capital Bangladesh, also conducted the largest ever pharmaceutical sector M&A in Bangladesh and in NDBIB’S endless strive for innovative capital market products, introduced the Cornerstone Tranche to IPOS and opened the regulatory capital market for Basel III bonds in Sri Lanka.
During the year, NDBIB successfully executed over 40 distinct transactions amounting to over Rs.55 billion, for its diverse clientele spread across Sri Lanka, the Maldives and Bangladesh. The numerous transactions executed by NDBIB include four M&A transactions valued at Rs.14 billion, four equity capital market transactions raising Rs.9 billion and numerous debt raising and other advisory transactions valued at Rs.32 billion.
NDB Investment Banking Cluster CEO Vajira Kulatilaka commenting on NDBIB’S successful year stated, “Our vision was to leverage on our market leadership in Sri Lanka and play a meaningful role in the region. 2017 has been a year where we executed landmark transactions in the Maldives and Bangladesh in addition to Sri Lanka, taking us closer to achieving our vision.
Further, the efforts portrayed by our team this year to pioneer numerous innovative capital market products across all product segments are commendable and have supported NDBIB to maintain its position as the unparalleled market leader for investment banking in Sri Lanka catering to our discerning clientele.”
The M&A space witnessed heightened levels of activity during 2017 with NDBIB’S leadership in this vertical characterised by the active involvement in the largest ever pharma sector M&A transaction in Bangladesh, Dialog Axiata PLC’S acquisition of Colombo Trust Finance PLC, a licensed finance company, the divestiture of specialty fertiliser manufacturer, Unipower, to CIC Holdings PLC and RIL Property PLC’S acquisition of United Motors Lanka PLC.
NDBIB CEO Darshan Perera commenting on the achievements stated, “Last year was an exceptional one for NDBIB as we have been able to execute an array of landmark transactions and innovate in all product verticals. The number of transactions executed and transaction values signifies our market leadership position and the depth of knowledge and expertise of NDBIB’S team. I am proud of our resounding success over the years and the effort put forward by our team to maintain NDBIB’S position as the preferred partner for investment banking in Sri Lanka.”
The equity capital markets segment witnessed the execution of two landmark IPOS. The IPO of Ooredoo Maldives PLC, the largest equity fund raising in the Maldives, was awarded to NDBIB via a competitive international bidding process, which involved numerous regional investment banks. Through this IPO, NDBIB created history by being the first Sri Lankan investment bank to have advised on an IPO on foreign soil. This IPO propelled NDBIB to an unrivalled position having executed four out of the five largest IPOS ever conducted by a Sri Lankan investment bank.
The IPO of RIL Property PLC witnessed the introduction of a formal Cornerstone Tranche for IPOS on the Colombo Stock Exchange with structures that are in line with best practices in Hong Kong and Singapore. Other transactions in this space included a hybrid equity raising for SDB Bank PLC from a consortium of foreign investors and the rights issue of Singer Finance PLC.
The Debt Capital Markets team diversified its product range raising over Rs.18 billion with a healthy mix of listed and unlisted debentures, structured debt products, syndicated loans both locally and overseas, assetbacked securitisations, term loans and commercial paper. The achievements of NDBIB included the Tier 2 capital debenture of Sampath Bank PLC, the maiden Basel III compliant bond in Sri Lanka which opened an additional avenue in the market for raising regulatory capital in Sri Lanka and managing the first listed debenture after the new Inland Revenue Act for Siyapatha Finance PLC.