Large Cap

Oct 28, 2011 (LBO) – A 70 million US dollar initial public offer of Sri Lanka’s People’s Leasing Company, the island’s largest leasing company, will open on November 03 as planned, the company said. PLC is a fully owned unit of state-run People’s Bank and the IPO is also expected to attract foreign interest.

“The issue has been well received by both institutional and retail investors in Sri Lanka,” the company said in a statement.

“The issue managers have also promoted the IPO amongst foreign investors, who have expressed their interest on the Company.”

The issue is managed by NDB Investment Bank and Capital Alliance.

The firm is issuing 390 million shares to raise 7.0 billion rupees at 18.00 rupees a share.

There were reports earlier that the share sale may be delayed due to opposition from trade unions at its parent.

PLC is going for an IPO on a central bank directive for the company to list on the stock exchange.

Clarification: making clear the listing is on a central bank directive to PLC, not all leasing companies.