Sri Lanka Laugfs IPO get Rs42bn in subscriptions

Nov 15, 2010 (LBO) - Sri Lanka's Laugfs Gas, a liquid petroleum distributor which is planning to diversify into other business said it had received 42.3 billion rupees in subscriptions for a 2.5 billion rupee initial public offer.

The firm offered 75 million ordinary shares at 23 rupees ato raise 1,725 million rupees, and 52 million non-voting shares at 15 rupees to raise 780 million rupees.

But it had received 28.3 billion rupees in subscriptions for ordinary shares of which 23.7 billion rupees came from bank guarantees and 4.5 billion rupees through cheques and bank drafts, the firm said in a stock exchange filing.

For the non-voting shares Laugfs had received 13.9 billion rupees in subscriptions of which 11.9 billion rupees came from bank drafts.

The firm has not yet announced the basis of allocation to distribute the shares among the applicants. Prospective buyers apply for large volumes of shares, hoping to get as many shares as possible.

source - www.lbo.lk

Check laugfs gas IPO -  Basis of allotment