Prime Lands Residencies Limited Public Share Issue oversubscribed on the opening day

Prime Lands Residencies Limited Initial Public Offering (IPO) of 100,000,000 shares at Rs. 10.40 per share at the Colombo Stock Exchange (CSE) which opened yesterday (11th May 2021) was oversubscribed on the initial day itself.

Accordingly, the company decided to exercise the option to issue up to another 87,500,000 Ordinary Voting Shares of the Company at Rs. 10.40 per Share. Such Shares were allocated based on the applications received up to 4.30 p.m. today (12thMay 2021).

The Share subscription closed at 4.30 p.m. today (12th May 2021). The IPO of Prime Lands Residencies Limited successfully raised the initial sum of Rs. 1.04 Bn. By the close of the issue, strong response in terms of applications, was seen with regard to raising the extended issue of 87,500,000 Ordinary Voting Shares, amounting to Rs. 910 Mn. All three equity IPOs in 2021 were successfully oversubscribed on the opening day itself.