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The Initial Public Offering (IPO) of People’s Leasing Company Limited (PLC), the market leader in the leasing industry in Sri Lanka, has been oversubscribed by over Rs. 2.5 billion. The total number of applications received for the IPO amounted to 10,485 raising approximately Rs. 9.5 billion. The IPO, which opened on 03rd November 2011, was closed within a few hours on the same day upon being oversubscribed. The demand for the issue emanated primarily from institutional investors, both foreign and local, and customers of the Company who are expected to have a medium to long term investment horizon. The significant investor interest drawn for the IPO amidst negative market conditions both locally and regionally bears witness to the trust placed in the financial position and performance of the Company. PLC issued 390 million Ordinary Voting Shares at Rs. 18/- per share raising Rs. 7,020,000,720/-. The new shares will amount to 25% of the Issued and Paid up Ordinary Shares of the Company subsequent to the issue.
visit http://www.lankabusinessnews.com/11.11.November/072.PLC.html for more details
visit http://www.lankabusinessnews.com/11.11.November/072.PLC.html for more details