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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hikkaduwa Beach Resort IPO gets less response on the first day

Hikkaduwa Beach Resort IPO gets less response on the first day

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka’s Hikkaduwa Beach Resort Limited, which is now in the process of raising Rs. 115 million via an IPO, has seen less interest shown by investors, during the opening day of the IPO.

The hotel firm, which comes under Citrus Leisure group, has only got 40 applications from investors during the opening day of the IPO which took place on the 24th of October.

40 applications, in total have applied for 90,500 shares, with the total value running up to Rs. 1.81 million.

Hikkaduwa Beach Resort is offering 5.757 million shares (5,757,390) at a share price of Rs. 20.

Stock analyst says, the present market weakness might be one reason for the less interest shown by investors.

Hikkaduwa Beach Resort is a star class hotel and is located in the South Western Coastal belt of Sri Lanka.

Sri Lanka’s tourism sector is steadily growing, with the country’s aim to bring in 2.5 million tourists by 2015 looks to be well on course.
http://www.news360.lk/markets/stock-market/news-ipo-hotel-sri-lanka-25-10-2012-hikkaduwa-beach-resort-ipo-gets-less-response-on-the-first-day-58960

snandasiri

snandasiri
Manager - Equity Analytics
Manager - Equity Analytics
who buys this? citk, citw also at about 50% down from IPO prize.

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