Finance Appetite

Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO would be closed at 4.30 p.m. Wednesday.

Singer Finance, a subsidiary of the Sri Lankan unit of the Singer multinational, will list a 25 percent stake of the firm on the main board of the Colombo bourse.

The IPO is mainly to fund Singer Finance’s hire purchase business growth which is reawakening after the 2008-09 business downturn.

After the IPO the number of shares issued will rise to 106 million from 80 million.