CAL Investment Banking – Market Leadership & Expertise
CAL’s Investment Banking arm is a leader in Sri Lanka, specializing in capital raising and M&A. With expertise in IPOs, Listed Debentures, and complex transactions, we offer tailored solutions and a strong investor network. Our client-focused approach and global partnerships deliver exceptional value across diverse industries.
Message from CEO, Capital Alliance Partners Limited
Our market leadership position in the core areas of debt and equity capital markets and M&A advisory, amassing a collective transaction volume of over LKR 100 Bn in the past 24 months, draw heavily from three pillars that are fundamental to CAL’s approach

Nishok Goonasekera
CEO – Capital Alliance Partners Limited
These core values resonate closely with each member of CAL’s Investment Banking outfit, and they are a part of the very fabric of every transaction we work on.
Relationship over transaction – Long-lasting relationships carefully cultivated over many years, built on a foundation of trust
Solution to fit the problem – A client-focused, innovative approach to problem solving
Strength and speed of execution – An efficient and effective execution process tailored to guarantee success across each transaction
This is why our clients see CAL as a partner, a trusted friend fully committed to helping meet financial objectives and value creation
Equity Capital Markets
With years of multi-industry capital market experience both in Sri Lanka and the wider region, CAL’s industry-beating team of equity capital specialists possess the know-how and the practical skills to accurately assess market conditions, advise on valuations, and offer direct input on the optimal mix of investors that best serve your company’s long-term growth plans.
Further, we draw on the strength of our close relationships with a diverse pool of local and international investors, to successfully raise equity funding even amidst unconducive market conditions. Our navigation of the challenging post-war economic landscape, helping raise over LKR 11 Bn for our clients with a c. 20% market share in public equity issuances, is ample testament to this.
Whether you are a fast-growing firm looking to raise external capital for the first time or a well-established listed corporate seeking to raise expansion capital, our seasoned team of Investment Banking experts are well-poised to structure a transaction in line with your distinct financing requirements. We have also developed a deep appreciation and keen understanding of family-run companies over the years, which allows us to assist family members in smoothly navigating the life-transforming affair of raising external capital.
What do Equity Capital Markets Offer?
Initial Public Offerings
Pre-IPO Placements
Private Investment in a Public Enterprise (PIPE)
Private Equity
Rights Issues
Debt Capital Markets
CAL has emerged as the undisputed leader in the debt capital markets space in Sri Lanka, on the back of its strong, ongoing relationships with the country’s top corporates. In successive financial years, 2018 & 2019, CAL has cumulatively commanded a c. 26% market share while helping raise over LKR 60 Bn for its clients.
Our consistency in debt issuances, primarily listed debentures, is shaped by the unique outlook of our debt capital professionals. They adopt an informed yet intuitive approach in understanding investor appetites and market movements, helping you identify the ideal timing as well as the optimal structured product mix that meets your specific financing requirements. Thereafter, our dedicated team of fixed income sales experts will actively and swiftly match these securities with our extensive network of institutional, high-net-worth and retail-oriented investors.
We continuously strive to offer new and innovative products to the market, with the objective of more closely meeting your exact requirements. This has led us to structure the first low-coupon debenture (for Hatton National Bank PLC), the first zero-coupon debenture (for Alliance Finance PLC), and the first single-digit interest rate debenture (for DFCC Bank PLC).
What do Debt Capital Markets Offer?
Listed Debentures
Structured Debt
Private Debentures
Securitizations
Commercial Paper
Mergers & Acquisitions
With years of multi-industry capital market experience both in Sri Lanka and the wider region, CAL’s industry-beating team of equity capital specialists possess the know-how and the practical skills to accurately assess market conditions, advise on valuations, and offer direct input on the optimal mix of investors that best serve your company’s long-term growth plans.
Further, we draw on the strength of our close relationships with a diverse pool of local and international investors, to successfully raise equity funding even amidst unconducive market conditions. Our navigation of the challenging post-war economic landscape, helping raise over LKR 11 Bn for our clients with a c. 20% market share in public equity issuances, is ample testament to this.
Whether you are a fast-growing firm looking to raise external capital for the first time or a well-established listed corporate seeking to raise expansion capital, our seasoned team of Investment Banking experts are well-poised to structure a transaction in line with your distinct financing requirements. We have also developed a deep appreciation and keen understanding of family-run companies over the years, which allows us to assist family members in smoothly navigating the life-transforming affair of raising external capital.
What do Mergers & Acquisitions Offer?
Listed Debentures
Structured Debt
Private Debentures
Securitizations
Commercial Paper
DFCC Bank PLC
Advised on Sri Lanka’s first Basel III compliant GSS+ bond issuance, ensuring CSE regulatory compliance and successfully placing LKR 10 Bn.
Assetline Finance PLC
Advised the company on its inaugural LKR 5 Bn listed senior debenture issuance, guiding the entire process in compliance with CSE Listing Rules.
Citizens Development Business Finance PLC
Acted as transaction advisor on the successful raising of LKR 4 Bn in subordinated debt to strengthen the client’s regulatory capital base.
Sarvodaya Development Finance PLC
The transaction marked Sri Lanka’s first sustainable bond and the largest sub-investment-grade issuance on the CSE at the time, highlighting strong structuring and investor sourcing capabilities.
Sampath Bank PLC
Leveraged an extensive investor network to seamlessly place a large-scale issuance of LKR 10 Bn.
Seylan Bank PLC
Successfully managed the issuance of Basel III debentures through a wide-reaching investor network.
DFCC Bank PLC
CAL Partners advised DFCC Bank PLC on the proposed acquisition of the wealth and retail banking business of Standard Chartered Bank Sri Lanka.
Digital Mobility Solutions Lanka PLC (PickMe)
LKR 1.6 Bn IPO oversubscribed 2.68 times, enabling PickMe to broaden its shareholder base and strengthen its position in Sri Lanka's digital mobility sector.
Expolanka Holdings PLC
CAL advised on the voluntary delisting of Expolanka Holdings PLC, the largest company by market capitalisation on the CSE at the time.
Technomedics International (Pvt) Ltd
Acted as buy-side advisor on Technomedics' acquisition of a minority stake in JF&I Packaging, including raising acquisition financing through equity.
Uniworld Teas (Pvt) Ltd
CAL Partners advised Uniworld Teas on the sale of the company to Melwire Rolling Pvt Ltd, facilitating the exit of the principal shareholder.
Sunshine Healthcare Lanka Ltd
Sunshine Holdings merged its healthcare wing with Akbar Pharmaceuticals in a LKR 2.3 billion deal, creating Sri Lanka's first fully integrated healthcare giant spanning manufacturing, distribution, and Healthguard retail.





