Feb 10, 2011 (LBO) - Private equity investors given pre-listing stakes in Sri Lankan fashion retailer Odel have sold out after its initial public offer which was heavily oversubscribed, according to the firm's latest accounts.Phoenix Ventures, part of the Brandix group, a top apparel exporter, had bought three million shares (a 2.34 percent stake) at 15 rupees each, same as the IPO price in March 2010, along with three million shares by three individuals of one family.
Odel's December 2010 quarter results filed with the stock exchange show these investors had sold out.
The Initial Public Offer of Odel at 15 rupees a share opened and closed on July 5, 2010 and was oversubscribed a record 64 times, albeit mostly with bank guarantees.
Odel shares opened at double the IPO price and closed even higher when it began trading on August 04, 2010, ensuring hefty gains for investors.
About 18.5 million shares were traded on the opening day.
Odel had offered 16.7 million shares, an 11.5 percent stake in the company’s equity.
Odel shares were trading around 43-44 rupees on Thursday.
source - www.lbo.lk
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