Monday, November 29, 2010

Companies raise over Rs 4 b through IPOs

Charumini de Silva

Companies have raised over Rs 4 billion through initial public offerings this year for their business expansion projects.

Colombo Stock Exchange (CSE) Business Development Manager, Thushara Jayaratne told Daily News Business that there were eight Initial Public Offerings (IPOs) held during this year and has raised capital worth Rs 4.3 billion to date. The companies that were listed during this year are Renuka Agri Foods, Ceylon Tea Brokers, Raigam Wayamba Salterns, Vallibel Finance, Odel, PCH and Hydro Power Sri Lanka.

He said the Urban Development Authority (UDA) also raised over Rs five billion through a debenture issue, while Sinhaputhra Finance and Citizens Development Business Finance listed in the CSE by way of an introduction. Hydro Power Sri Lanka is listed from last week while Laugfs Gas will soon get listed, Jayaratne said.

Meanwhile, Treasury Secretary Dr P B Jayasundara said at a seminar recently that IPOs should be promoted while encouraging industrialists to list their shares and debt in the share market to make it a capital formation to sustain their ventures.

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