Vallibel One Ltd., (VOL) which has been one of the most successful IPOs this year will begin trading on the Colombo Stock Exchange from tomorrow.
The debut of VOL comes ahead of Softlogic Holdings whose IPO concluded before the former. This is because VOL had expedited the necessary procedures for trading post-IPO.
The oversubscription of Rs. 533 million IPO of VOL topped 11 times, considered as very high in a regime of limitations on bank guarantee applications, bearish market sentiments and billions of cash stuck in other primary and private issues. The over subscription was also much higher than big ticket issues from Expolanka Holdings’ Rs. 2.4 billion (near 5 times) and Softlogic Holdings’ Rs. 4 billion (over four times).
The IPO of VOL, which is the first holding company of business leader’s select investments, involved 21.3 million shares at Rs. 25 each. It drew 35,256 applications requesting for 247.05 million shares worth Rs. 6.17 billion. Acuity Partners were the advisors and managers to the VOL offer.
Applications via bank drafts and cheques (from retailers) amounted to 35,152 requesting for 91.76 million shares worth Rs. 2.29 billion. This amounts to 4.3 times oversubscription at retail level. There had 104 applications via bank guarantees requesting for 155.3 million shares worth Rs. 3.88 billion reflecting an oversubscription of 7.2 times.
VOL is the first holding company of business tycoon Dhammika Perera consolidating some of his personal and controlling/strategic stakes in Royal Ceramics (51%), LB Finance (51%), Sampath Bank (15%) as well as an upcoming luxury resort in Negombo. VOL also has interests in renewable energy projects. Recently VOL acquired directly a 51% stake in Lewis Brown and Company, the holding entity of Delmege Forsyth and Company Ltd., and its Group of Companies whilst connected parties acquired the balance. Early this month it also acquired 50% stake in Orit Apparels Ltd., for $ 7.26 million.
source - www.ft.lk
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