Despite the Colombo Stock Exchange plunging to an eight month closing low on Friday, two Initial Public Offerings (IPOs) by LVL Energy Fund Ltd. (LEF) and Jetwing Symphony Ltd. closed over-subscribed on their opening day while a listed debenture issue by the Sampath Bank was similarly over-subscribed.
"This is a positive signal in the context of the falling market," a stock analyst said. "Both LEF and Jetwing Symphony will be listed on the CSE when the share allotments are completed in the next few days."
LEF sought Rs. 1.2 billion equity funds by the issue of 120 million new shares at 10-rupees each while Jetwing Symphony raised Rs. 753 million through a ‘book building’ process through which bids for the shares were invited at Rs. 15, Rs. 16, Rs. 17 and Rs. 18.
With the majority of the bids at the 15-rupee price, this was determined as the strike price and investors bidding higher would have the difference between Rs. 15 and their bid price refunded.
Well informed sources said that the application for Rs. 600 million of shares from the IPO has made by the Amaleans of MAS assuring the success of the IPO.
Jetwing Symphony owns five operational hotels with part of the IPO Funds earmarked for the boutique Jetwing Kandy Gallery now on the drawing boards.
The Sampath listed debenture issue raised six billion rupees with an offer of rupees four billion initially with an option for a further two billion in the event of an oversubscription.
"This is a positive signal in the context of the falling market," a stock analyst said. "Both LEF and Jetwing Symphony will be listed on the CSE when the share allotments are completed in the next few days."
LEF sought Rs. 1.2 billion equity funds by the issue of 120 million new shares at 10-rupees each while Jetwing Symphony raised Rs. 753 million through a ‘book building’ process through which bids for the shares were invited at Rs. 15, Rs. 16, Rs. 17 and Rs. 18.
With the majority of the bids at the 15-rupee price, this was determined as the strike price and investors bidding higher would have the difference between Rs. 15 and their bid price refunded.
Well informed sources said that the application for Rs. 600 million of shares from the IPO has made by the Amaleans of MAS assuring the success of the IPO.
Jetwing Symphony owns five operational hotels with part of the IPO Funds earmarked for the boutique Jetwing Kandy Gallery now on the drawing boards.
The Sampath listed debenture issue raised six billion rupees with an offer of rupees four billion initially with an option for a further two billion in the event of an oversubscription.
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