Tech Lure

Aug 05, 2010 (LBO) – An initial public offering by PC House, a Sri Lankan information technology company, was oversubscribed on its opening day Thursday, August 05, a stock exchange filing said. After the IPO total shares will go up to 228.9 million. PC House is raising 630 million rupees by selling 57 million shares at 11 rupees each.

SSP Corporate Services, registrars to the offer, has informed the CSE that the PC House IPO has been oversubscribed and that the issue would be closed at 4.30 pm Thursday.

PC House has said it is planning a 100-seat business process outsourcing centre in the island’s northern Jaffna peninsular to provide accounting and back office services to the international market.

The company also has a firm revenue stream from computer hardware and software sales and setting up networks.

In the year to March 2010 the group earned 123.8 million rupees on revenues of 3.0 billion rupees with 171.7 million shares getting 72 cents of earnings per share.