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Friday, December 17, 2010

Sri Lanka Singer Finance IPO 120 times oversubscribed

Dec 17, 2010 (LBO) - An initial public offer by Singer Finance (Lanka) to raise 400 million rupees was oversubscribed 120 times, drawing applications worth 48 billion rupees, a statement said.

The firm had offered 26.66 million shares at 15 rupees each.

Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing they processed 21,000 applications for a total of 3.2 billion shares.

Issue managers NDB Investment Bank said in a statement the 120 times over-subscription was a new record for IPOs.

The IPO closed on the opening day, Wednesday, itself.

Singer Finance, a subsidiary of the Sri Lankan unit of the Singer multinational, will list a 25 percent stake of the firm on the main board of the Colombo bourse.

The IPO is mainly to fund Singer Finance's hire purchase business growth which is reawakening after the 2008-09 business downturn.

source - www.lbo.lk