Free Lanka Capital Holdings, a group that has business interest in plantations, hydro power, leisure and property development sectors has completed a private placement for 700 million rupees, while the firm plans to go public in February 2011, to raise a further 1.5 billion, a senior official said.
"We have already completed the pre-IPO (initial public offering)," Godfrey Aloysius, director at Free Lanka Capital Holdings told LBR.
"We want to complete the IPO by March next year depending on prevailing (stock) market conditions."
The pre-IPO was facilitated by John Keells Stockbrokers, a unit of conglomerate John Keells, the largest conglomerate in the island which has business interest in transport, leisure, financial services, retail and food processing sectors.
Sri Lanka has seen a flood of IPO's since the end of 30 year civil war 19 months ago.
The Colombo Stock Exchange, despite taking a market correction is still one of the best performing indices in the world.
John Keells Stock Brokers and Taprobane Securities, a unit of LOLC and Browns groups would jointly manage the issue.
Malik Carder, director general of market watchdog, Securities and Exchange Commission of Sri Lanka told AFP, a foreign news wire services that the Colombo bourse was expected to receive nearly 60 IPO's in 2011.
source - www.lbr.lk
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