Cooling Ardour

Aug 27, 2010 (LBO) – PC House, a Sri Lankan information technology company which debuted on the stock exchange this week, closed below its issue price of 11 rupees Friday, the second day of trading, brokers said. The share opened the day’s trading at 10.90 rupees, went down to 9.90 and closed at 10.00 with some 2.2 million shares done for the day.

When the firm debuted Thursday it was the most actively traded stock of the day and closed flat at 11 rupees, its issue price, after hitting a high of 14.70 rupees and a low of 10.90 rupees.

PCH had an initial public offer on August 5 to raise 630 million rupees by offering 57.2 million shares at 11 rupees each.

The IPO was oversubscribed on its opening day itself.

PC House has said it is planning a 100-seat business process outsourcing centre in the island’s northern Jaffna peninsular to provide accounting and back office services to the international market.

The company also has a firm revenue stream from computer hardware and software sales and setting up networks.

In the year to March 2010 the group earned 123.8 million rupees on revenues of 3.0 billion rupees with 171.7 million shares getting 72 cents of earnings per share.