CSE approves landmark Rs. 1.9 b IPO of Prime Lands Residencies

The Colombo Stock Exchange (CSE) has approved an application submitted by Prime Lands Residencies Ltd. for the listing of its ordinary voting shares by way of an offer for subscription. 

The company will be listed on the Diri Savi Board (or Main Board as relevant) of the CSE subject to compliance with the CSE Listing Rules and Securities and Exchange Commission of Sri Lanka (SEC) Directives (as applicable).

Prime Land Residencies will be offering for subscription 100,000,000 new ordinary voting shares of the company at Rs. 10.40 with an option to issue a further 87,500,000 ordinary voting shares of the company at Rs. 10.40 per share. 

The Initial Public Offering (IPO) is held to raise a total sum of Rs. 1.04 billion with an option to raise a further Rs. 910 million in the event of an oversubscription. 

CSE said the IPO is due to open on 11 May.

Minimum subscription per application is 1,000 shares (Rs. 10,400). Applications exceeding the minimum subscription should be in multiples of 100 shares and each successful application shall receive the minimum subscription.

Commenting on the development, CSE Chief Executive Officer Rajeeva Bandaranaike said: “We are glad to welcome the third equity IPO for the year 2021 at CSE, which further diversifies the companies entering the stock market in Sri Lanka. This reinforces the confidence placed in the Sri Lankan stock market by companies as a viable source of capital raising and we welcome investors to explore these expanded investment opportunities.”