June 29, 2011 (LBO) - Sri Lanka's Orient Garments, a company listed by a process of introduction without an offer for subscription started trading above its reference price of 23 rupees at which an stock had been private placed earlier.
The stock opened at 35 rupees, peaked at 40 rupees, before settling at around 30 rupees in early trade, brokers said.
The firm has is the first apparel factory to be listed on the market. Apparels are Sri Lanka's top industrial export.
The firm's reference price, based on historical valuations was at a discount to the market, but as a new industry to the public market, investors do not yet have other stocks to make direct comparisons.
source - www.lbo.lk
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