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Prime Lands IPO oversubscribed

12 May 2021

Prime Lands Residencies Ltd.’s Initial Public Offering (IPO) with 100,000,000 ordinary voting shares at a price of Rs. 10.40 per share was oversubscribed yesterday (11), according to a Colombo Stock Exchange (CSE) disclosure.  A decision was also taken to issue another 87,500,000 ordinary voting Shares where such Shares will be allocated based on the applications received until today (12) evening (by 4.30 p.m.). Accordingly, the Board of Directors also decided to close the issues by evening today.  The Real Estate giant previously proposed to issue 100,000,000 ordinary shares with the option to issue further 87,500,000 upon the oversubscription of the first 100,000,000 shares in a virtual investor forum held in March.  It was further stated that the IPO is expected to raise Rs. 1.04 billion at the minimum, which can increase to a predicted maximum fund of Rs. 1.95 billion.  The Expected IPO execution time frame was also set to yesterday (11) with Acuity Partners (Pvt.) Ltd. being the managers to the issue.  The virtual investor forum also revealed the prospectus and the financial performance of the last 10 months, as of March 2021. Thereby, the recorded profit of Prime Lands Group totalled Rs. 739.65 million for the 10 months that ended 31 January 2021.   


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