Sri Lanka Mackwoods Energy share issue oversubscribed

Mar 23, 2012 (LBO) – The Initial Public Offering of Sri Lanka’s Mackwoods Energy Limited was oversubscribed on the opening day Thursday, registrars to the issue S S P Corporate Services said in a stock exchange filing. “The funds are expected to be used to finance the working capital requirements and part finance the company’s foray into hydropower generation, positioning Mackwoods Energy as a total energy solutions provider,” a statement said. The IPO was an offer for subscription for 25 million ordinary voting shares at 14 rupees each, raising a total of 350 million rupees.

NDB Investment Bank, which acted as the financial advisors and mangers to the issue, said details of the oversubscription would be given later as applications were still being processed.