Opening Shot

Dec 08, 2010 (LBO) – Shares of Sri Lankan liquid petroleum gas supplier Laugfs Gas, sold at 23 rupees in a public offer, opened higher but came under selling pressure, brokers said. The firm offered 75 million ordinary shares at 23 rupees to raise 1,725 million rupees, and 52 million non-voting shares at 15 rupees to raise 780 million rupees. Laugfs Gas opened trading at 31 rupees Wednesday, but fell to 24.90 and was trading around 26.40 by mid-morning with around 12 million shares traded.

The Laugfs Gas initial public offer to raise 2.5 billion rupees on November 04, 2010 was oversubscribed and closed on the opening day itself.