The WindForce Limited Initial Public Offering (IPO) of Rs.3.2 Bn, the largest IPO announced at the Colombo Stock Exchange (CSE) since 2011, has attracted applications amounting to a value of Rs 25.7 Bn, demonstrating the strong appetite for IPOs among investors in the Sri Lankan stock market.
The company’s IPO for 202,615,341 shares at an issue price of Rs.16.00 per share was oversubscribed by 8 times on the initial day. WindForce Limited is scheduled to commence trading on the Main Board of the CSE during the latter part of April 2021.
“The listing application of the company was approved by the CSE within a record time of 3 weeks, in-line with CSE’s recent revamp of the listing process to better serve the funding requirements of companies listing on the stock exchange,” the CSE said.
“The initiative has simplified the process, eliminated redundant approval steps, moved away from a dual approval process, reduced documentation, and improved the time-to-market for new and follow-on offerings of equity and debt.”