LCB Finance IPO oversubscribed

The Initial Public Offering (IPO) of Lanka Credit and Business Finance Ltd., through an Offer for Subscription of up to 75 million shares in the first instance, and a further 50 million shares at the option of the Board of Directors at Rs. 4 per share, was oversubscribed on its official opening yesterday.

The IPO drew applications for over Rs. 500 million, and as such, the initial Issue and the further Issue was closed yesterday as per the prospectus. 

LCB was the seventh equity listing so far this year. All have been oversubscribed on their opening day.