Sri Lanka hydro power firm gains 55-pct on trading debut

Nov 25, 2010 (LBO) – Hydro Power Free Lanka (HPFL) shares began trading on the Colombo bourse at 15.50 rupees, a gain of 55 percent over its initial offer price of 10 rupees, a statement said. The share’s highest price for the day 16 rupees and the lowest 15 with a total volume of 22,208,800 shares traded during the day. It closed at 15.70 rupees.

The statement said HPFL performed well on its debut despite the current slowdown in the stock market

It was the mostly traded share of the day and at the day’s closure, HPFL’s market capitalization stood at over 1.7 billion rupees, or 0.08 percent of the total market capitalization.

The shares were listed on the Main Board of the Colombo Stock Exchange.

The company’s IPO of 35 million shares was oversubscribed by 57 times on the opening day, the statement said.

The response “bears testimony to the future potential of the mini-hydro power sector, as the most environmental friendly non-conventional renewable energy source for power generating available to cater to growing electrification needs.”