Singer Finance Rs. 400 m IPO oversubscribed 120 times with Rs. 48 b draw

Saturday, 18 December 2010 01:12 - - {{hitsCtrl.values.hits}}

Singer Finance Lanka Ltd’s Rs. 400 million Initial Public Offering (IPO) has been oversubscribed by around 120 times as per provisional count. The registrars to the issue SSP Corporate Services said yesterday it had processed 21,000 applications so far requesting for shares worth Rs. 48 billion for the IPO which closed on its official opening day of 15 December.

The number of shares applied for was 3.2 billion.“Final figures will be notified subsequent to processing of all applications,” SSP Corporate Services said.Analysts believe Singer Finance IPO has already created history with the unprecedented demand.

Via the IPO Singer Finance Lanka provided the public to subscribe for 26,666,667 shares at Rs. 15 each.

Proceeds of the IPO would be used to part finance the loan disbursements of the company for the remainder of FY10/11. Further, the Company plans to utilise the proceeds of the IPO before the end of FY10/11.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.