Sri Lanka power IPO draws over Rs1.6bn

Sept 18, 2009 (LBO) – An initial public offering for 31.3 million shares by Sri Lanka’s Hemas Power has attracted applications worth over 1.68 billion rupees, the company representatives said in a stock exchange filing. A total of 5,000 valid applications for over 84.2 million shares were received, SSP Corporate Services, secretaries to the issue, said in a statement.

The shares were issued at 20.00 rupees a share.

Hemas Power, a unit of listed Hemas Holdings, supplies power to state-run Ceylon Electricity Board and is raising cash to increase renewable energy generation.