Amana Takaful Life IPO draws 716 applications worth Rs. 137 m

The recent Rs. 75 million Initial Public Offering (IPO) of Amana Takaful Life Ltd. had drawn over 700 applications worth Rs. 137.4 million.

The company offered 50 million ordinary voting shares at Rs. 1.50 each for a listing on the Diri Savi Board of the Colombo Stock Exchange (CSE). The amount represents 10% of its total stake at the successful IPO. The issue was oversubscribed and closed on the official opening day itself, which was 21 July.

The company said there were 715 applications from residents and one from a non-resident applying for 91.5 million shares. There had been 409 applications requesting for shares worth Rs. 120.2 million with payment via cheques. Those with bank drafts amounted to 307 applications requesting for 17.15 million worth of shares.

The company also announced the basis of allocation. All those who had applied under the Retail Individual Investor category, Unit Trust category and Employee category would be given 100%. Non-Retail Investor category applicants will get 1,000 shares plus 49.04% of the total shares applied rounded down to the nearest 1,000 shares.

The Financial Advisor and Manager to the offer was Acuity Partners Ltd. and Amana Bank was the Banker to the issue.