The Initial Public Offering (IPO) of 100,000 ordinary voting shares of Prime Lands Residencies (PLR) was oversubscribed on Colombo Stock Exchange (CSE) on its opening today (11th), triggering the company to exercise the option to issue up to another 87,500,000 Ordinary Voting Shares which is to be allocated based on the applications received up to 4.30 pm tomorrow (12 May 2021).
“We wish to inform you of the successful oversubscription of the initial 100,000,000 Ordinary Voting Shares relating to the Initial Public Offering at a price of LKR 10.40 per share. Accordingly, the Board of Directors have decided to close the Issue at 4.30 tomorrow (12 May 2021) providing one market day’s prior notice to the CSE as per Section 3.10 of the Prospectus.
It has also been decided to exercise the option to issue up to another 87,500,000 Ordinary Voting Shares and such Shares will be allocated based on the applications received up to 4.30 pm tomorrow (12 May 2021) as per Section 3.10 of the Prospectus,” the Company announced.
The PLR is offering a share at Rs.10.40 of both the initial and additional issuances in a bid raise Rs.1.94 billion
The proceedings of IPO will be utilised for payment for the acquisition of land in Meegoda(Homagama), settling the Revolving Import loans obtained for “The Grand” Project and further strengthen the working capital of the
The CSE is expected to be notified of the basis of allotment in due course.