Shares of Asia Asset Finance to debut on CSE tomorrow

Shares of Asia Asset Finance will be listed on the Colombo bourse from 12 January.

The company, which offered 120 million shares through its recent Initial Public Offering, complying with a Central Bank directive for all finance companies to list, will see 559,471,889 shares listed on the Diri Savi Board.

The company’s Rs. 425.4 million IPO took 14 days to be fully subscribed, making it the first IPO not to be subscribed on the opening day.  

The offering was for 120 million shares priced at Rs.2.50 with the option to issue a further 50.16 million shares. The company has an asset base of Rs. 2 billion and profits grew 200% to Rs. 80 million in financial year 2011.

Funds from the IPO were earmarked to expand the core operations of the company. Shares of its holding company Asia Capital Plc closed at Rs. 62 yesterday.