Sri Lanka power IPO hits Rs28 on opening day

Oct 08, 2009 (LBO) – Sri Lanka’s Hemas Power hit a high of 28 rupees when it began trading Thursday, but ended at 24 rupees, 20 percent up on its issue price of 20 rupees, brokers and analysts said. The share opened at 26 rupees, a 30 percent gain on its issue price, and traded between a high of 28 rupees and a low of 23.75 rupees.

Some 9.5 million shares were traded during the day.

Hemas Power is part of the Hemas Holdings conglomerate and the IPO for 31.3 million shares attracted applications worth over 2.28 billion rupees.

The firm supplies power to state-run Ceylon Electricity Board and raised cash to increase renewable energy generation.