Panasian Power IPO oversubscribed

The Rs. 600 million Initial Public Offering of Panasian Power Ltd. (PAP) has been oversubscribed, following which it was closed on its official opening day yesterday.

The Company issued 200 million shares at Rs. 3 each to repay its parent Power Hub International Sdn. Bhd for the acquisition of Manelwala Hydro Power (Pvt) Ltd., which operates a 2.4 Mw plant in Nuwara Eliya District. PAP also owns and operates a mini hydropower plant in Ratnapura with a capacity of 2 Mw.