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Tue, 31 March 2015 05:01:16
Sri Lanka leasing IPO retail appetite low
17 Nov, 2011 17:52:59
Nov 17, 2011 (LBO) - An initial public offer of 390 million shares by Sri Lanka's People's Leasing Company at 18 rupees each has seen lower than expected demand in most investor categories.
The IPO by the island's largest leasing company to raise 7.0 billion rupees was oversubscribed by 1.3 times, drawing 9,843 applications for 516.2 million shares with a total value of 9,527 million rupees.

A stock exchange filing said that in the non-retail investor category for which 27.5 percent of the IPO was reserved there had been a total of 1,146 applications for 344 million shares.

It said that applications for up to 55,600 shares in this category were allotted in full with 877 applications for 22.95 million shares being received.

The firm received 269 applications for over 55,600 shares in this category, amounting to 321.2 million, with full allotments being made plus 58.79 percent of the shares applied for over and above 55,600 shares.

In the employee category for which 10 percent of the IPO was reserved, full allotments were made for the 1,468 applications for a total of 34.58 million shares applied for.

In the retail individual investor category for which 22.5 percent of the IPO was reserved, full allotment was given for 7,217 applications for 22.3 million shares applied for.

The IPO had reserved 10 percent of shares for the Unit Trust investor category but got only one application for 500,000 shares which was allotted in full.

Thirty percent of the IPO was reserved for the 'identified investor' category under which there were 11 applications for 114.6 million shares which was allotted in full.

PLC is a fully owned unit of state-run People's Bank and the IPO, oversubscribed on the opening day, November 03, 2011, was expected to attract foreign interest.

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