HNB Investment Bank, acted as the manager, financial advisor, and sponsor for the Introductory Listing of Alpha Fire Services PLC (AFS) in May 2022.
This marked the first Empower Board listing facilitated by HNB Investment Bank.
At the time of listing, AFS was valued at Rs. 32.3 million, based on a forward P/E multiple of 5.4x and a P/BV multiple of 0.83x, with only three shareholders and no public float.
In March 2023, AFS successfully carried out a Rights Issue amounting to Rs. 51 million, again managed by HNB Investment Bank, for the purpose of debt settlement and working capital enhancement.
The issue was oversubscribed, signaling strong investor confidence. Following this and the company’s exceptional operational performance, market capitalisation rose to Rs. 180 million, with a Net Asset Value (NAV) of Rs. 129 million. Public shareholding increased to 4.8%, represented by 34 public shareholders.
In December 2023, AFS implemented a subdivision of shares at a 5-for-1 ratio when the market price per share had risen to Rs. 37.00. This move aimed to enhance share accessibility and broaden investor participation.
Following the subdivision, public shareholding continued to rise, further solidifying AFS’s presence on the Empower Board.
As at March 31,2025, the market capitalisation of the Company stood at Rs. 334 mn, with a NAV of Rs. 184 mn and a public shareholding of 24.74%, represented by 436 public shareholders. The Company’s NAV has grown from Rs. 35 mn to Rs. 184 mn (CAGR of 129%) over a span of three years, while its market capitalisation increased from Rs. 32 mn to Rs. 334 mn (CAGR of 223%) over the corresponding period. As at today, the Company’s market capitalisation exceeds Rs. 500 mn.
On June 2, 2025, HNB Stockbrokers, again played a pivotal role in steering a landmark transition in the company’s ownership structure. 22.15 million shares, representing a 58% stake in Alpha Fire, was sold to new buyers at Rs. 10 per share.
This transaction marked a transformative milestone for Alpha Fire Services, paving the way for a new era of strategic direction and broader market engagement.
