Hydro Power Free Lanka share debut with 55% gain

Friday, 26 November 2010 02:05 -     - {{hitsCtrl.values.hits}}

Shares of Hydro Power Free Lanka Ltd (HPFL) commenced trading yesterday at a price of Rs.15.50, a gain of 55% over its initial offer price of Rs.10 The highest price for the day was recorded at Rs.16 while the lowest at Rs.15  A volume of 22,208,800 shares were traded during the day to close at Rs.15.70.

Officials of Hydro Power Free Lanka including Chairperson Mrs. Rohini Nanayakkara and the Colombo Stock Exchange witness the debut of trading of company shares yesterday in the stock market.

Despite the current slowdown in the stock market, HPFL share performed exceptionally well on its debut, being the mostly traded share of the day and contributing to more than Rs.343 million of the market turnover. At day’s closure, HPFL’s market capitalization stood at over Rs.1.7 billion, or 0.08% of the total market capitalization. The shares were listed on the Main Board of the Colombo Stock Exchange.

The company offered 35 million shares at the Offer Price of Rs.10 each and the issue was oversubscribed by 57 times on the same day of opening, due to overwhelming investor response, which bears testimony to the future potential of the mini hydro power sector, as the most environmental friendly non-conventional renewable energy source for power generating available to cater to the growing electrification needs of the ever expanding population. Dr. Senthilverl buys 11% stake for Rs. 177.3 m

High net worth but low profile investor Dr. T. Senthilverl yesterday bought 11% stake amounting to 11.9 million in debutant Hydro Power Free Lanka Ltd., at Rs. 15.50 each in a deal worth Rs. 177.3 million. He and his sons had picked up 0.86% bringing the total to 11.77%.