Browns Investments Ltd., will be the newest diversified holding to debut on the Colombo Stock Exchange (CSE) tomorrow following its successful Initial Public Offering (IPO) last month.
Approximately 1.86 million shares of the company with security code assigned as “BIL-N-0000” will be listed on the Diri Savi Board of CSE.
The Company’s Rs. 250 million IPO issuing 50 million shares at Rs. 5 each was oversubscribed by 5.3 times. The IPO attracted 17,501 applications requesting for 266.6 million shares worth Rs. 1.33 billion. There had been 17,476 applications via bank draft and cheques requesting for 94.24 million shares worth Rs. 471.2 million whilst applications via bank guarantees were 25 requesting for 172.4 million shares worth Rs. 862 million. Proceeds from the IPO will be used to finance a new 150 room Samudra Beach Hotel in Kosgoda via subsidiary Samudra Beach Resorts Ltd.