Business

WindForce Ltd. public share issue draws applications for Rs. 25.7 b

  • Demonstrates strong appetite for IPOs among investors 

 

WindForce Ltd.’s Initial Public Offering (IPO) of Rs. 3.2 billion, the largest IPO announced at the Colombo Stock Exchange (CSE) since 2011, has attracted applications amounting to a value of Rs. 25.7 billion, demonstrating the strong appetite for IPOs among investors in the Sri Lankan stock market, according to the CSE. 

The company’s IPO for 202,615,341 shares at an issue price of Rs. 16 per share was oversubscribed by eight times on the initial day. 

WindForce Ltd. is scheduled to commence trading on the Main Board of the CSE during the latter part of April 2021. The listing application of the company was approved by the CSE within a record time of three weeks, in line with the CSE’s recent revamp of the listing process to better serve the funding requirements of companies listing on the exchange. 

The initiative has simplified the process, eliminated redundant approval steps, moved away from a dual-approval process, reduced documentation, and improved the time-to-market for new and follow-on offerings of equity and debt, the CSE noted in a statement yesterday (31 March).