Initial Public Offering (IPO) of Lanka Credit and Business Finance Limited, through an Offer for Subscription of up to 75,000,000 Ordinary Voting Shares in the first instance, and a further 50,000,000 Ordinary Voting Shares at the option of the Board of Directors at Rs. 4 per share, which opened on October 26 was oversubscribed on the first day itself.
The IPO by LCB Finance Limited, received applications for over Rs. 500 million and as such the Initial Issue and the further Issue was closed at 4.30 pm on October 26.
CSE CEO, Rajeeva Bandaranaike said, “As a well-established finance company, we are happy to welcome LCB Finance Limited to the Colombo Stock Exchange (CSE).
“The attention and interest received from the public for the IPO is encouraging for the company, indicating trust and credibility that LCB Finance has achieved.
‘‘We congratulate LCB Finance on the success of the IPO and this progressive step to enter the capital market,” he said. This is the seventh equity listing for this year on the CSE,” he said.