Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning. Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning. The shares were issued at Rs 27, giving massive capital gains to subscribers of the LIOC IPO.
Meanwhile, thanks to LIOC share trading, the Colombo stock market turnover topped one billion rupees on Wednesday.
LIOC dominated trading going at between Rs 54.25 and Rs 45.25 and accounted for 85 percent of total turnover of the day.
The Indian oil giant issued 133,333,333 shares of Rs 10.00 at the cut off price of Rs 27.00 on November 29 and closed on the same day oversubscribed 11 times.
The only other listed entity that LIOC can be reasonably compared with is Caltex Lubricants.
This comparison is not truly accurate as Caltex represent only one segment of LIOC’s operations -the lubricants market.
However both are subsidiaries of Fortune 500 companies and have acquired previously government controlled businesses.
Analysts forecast a brighter future for LIOC than Caltex.