The Rs. 319 million initial public offering of HVA Foods Pvt. Ltd was oversubscribed by nearly 24 times on the first day the subscription lists were opened, a stock exchange filing said.
The IPO attracted applications for 471,630,598 shares whereas the offer was for 19,928,598 shares. The total number of applications received amounted to 11,869.
The company exports value added ready-to-drink teas under the Helediv brand, which it plans to acquire with the funds raised through the IPO.
Rs.45 million would be used to acquire the Helediv brand, Rs. 95 million to reduce gearing, Rs. 102 million to upgrade its iced tea manufacturing plant, Rs. 76 million to expand existing facilities and balance would be used to finance working capital.
source - www.island.lk
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