The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) recently hosted a forum titled “Seed to Scale – Unlock Value & Potential” in Colombo, attracting a full audience of tech companies. This event is part of a larger initiative to motivate tech firms to leverage the capital market as a funding source to drive mid-to-long term business growth.
Over 60 companies from the tech sector participated, engaging with industry leaders and experts to explore pathways for raising capital through debt and equity listings on the CSE. Mr. Ashvanth Vijayaram, Senior Vice President and Head of Equity Capital Markets at Capital Alliance Holdings Ltd (CAL), delivered a comprehensive presentation on the benefits and processes of listing, emphasizing it as a cost-effective means of raising capital, enhancing company valuations, and increasing brand recognition for IT firms through the capital market.
The event’s highlight was a panel discussion and Q&A session featuring prominent figures such as Dr. Hans Wijayasuriya, Chief Advisor to the President of Sri Lanka on Digital Economy and Chairman of the Information Communication Technology Agency of Sri Lanka (ICTA); Snr. Prof. D.B.P.H. Dissabandara, Chairman of the SEC; Mr. Rajeeva Bandaranaike, CEO of the CSE; Mr. Jeevan Gnanam, Managing Director of St. Anthony’s Industries Group; and Mr. Ashvanth Vijayaram. The session was moderated by Mr. Bhanuka Harischandra, CEO and Founder of Surge Global.
The panel provided a comprehensive overview of the Sri Lankan capital market, discussing how IT firms can harness it to create a digital economic ecosystem and ensure long-term business success through stock exchange listings. They highlighted the advantages of listing domestically, such as lower costs, better brand recognition, and the opportunity to demonstrate transparency and trustworthiness.
Dr. Wijayasuriya emphasized the importance of capital mobility for tech companies, noting that many startups relocate their headquarters abroad to access larger capital pools. He expressed optimism about forthcoming news on facilities for foreign direct investments to fuel Sri Lankan startups, enabling them to scale globally while retaining their intellectual property and headquarters in Sri Lanka.
He also addressed the need for tax reforms to foster a vibrant tech ecosystem, pointing out that current cascading taxes on venture capital funds hinder foreign investment. The SEC is actively working on legislative changes to address this issue, aiming to attract capital and motivate local innovators to expand internationally from Sri Lanka.
Snr. Prof. Dissabandara highlighted the potential of the Sri Lankan tech sector, noting its transition from an emerging story to a successful reality. He stressed the SEC’s role in facilitating market growth, providing not only capital but also confidence and credibility to tech-driven companies with significant growth potential.
Mr. Bandaranaike advised potential issuers on navigating market volatility, emphasizing the importance of a solid growth story, management, and financial health in attracting investor interest. He noted that while markets are cyclical, companies can thrive if they focus on long-term growth and value creation.
Mr. Gnanam discussed the importance of financial discipline in startups, advocating for early implementation of financial governance practices to build trust and attract capital. He stated that financial discipline is crucial for startups to gain leverage and achieve growth.
Mr. Vijayaram highlighted the challenges faced by early-stage startups in finding suitable investors, recommending that investment banks play a role in connecting companies with appropriate early-stage investors. He explained that as companies mature, discussions with investment banks should focus on transaction structuring and capital strategy.
The forum took place against the backdrop of a thriving Sri Lankan capital market, which has been on the rise for two years. In 2026, the CSE achieved record milestones, including new highs for the All-Share-Price-Index (ASPI), S&P SL20, and market capitalization exceeding LKR 8.5 billion. The previous year saw 25 listings, including six new companies, and the introduction of innovative financial instruments such as Blue Bonds, Green Bonds, Social Bonds, and High Yield Sustainable Bonds, catering to the growing demand for sustainable investment options.
Photographs (L – R): Panellists at the “Seed to Scale – Unlock Value & Potential” Forum include Mr. Jeevan Gnanam, Mr. Rajeeva Bandaranaike, Snr. Prof. D.B.P.H. Dissabandara, Dr. Hans Wijayasuriya, Mr. Ashvanth Vijayaram, and Mr. Bhanuka Harischandra.
