Dec 14, 2010 (LBO) - HVA Foods, a Sri Lankan tea exporter that sells under the brand 'Heladiv' is selling 19.9 million shares in January to raise 318 million rupees, the Colombo Stock Exchange said.
The firm is selling the stock at 16 rupees a share.
The firm sells ready-to-drink iced tea in packs. Its products are also sold in the domestic retail market.
Sri Lanka stocks are about now trading at record valuations encouraging firms to seek listings.
Recent initial public offerings have been priced around 15 times current year earnings with the market trading at over 24 times historical earnings.
The broader market however is slowly correcting.
source - www.lbo.lk
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