Prime Land Residencies debuts trading on CSE today

Prime Land Residencies Ltd. will be the latest addition to the Colombo Stock Exchange (CSE) as it debuts trading today.

The development is following the successful conclusion of the Initial Public Offering of 20% stake amounting to 187.5 million shares at Rs. 10.40 raising Rs. 1.95 billion. The issue was oversubscribed with 2,323 applications received for shares worth Rs. 2.25 billion, of which, Rs. 1.99 billion was requested by retailers. The IPO’s manager and financial advisor was Acuity Partners.

Prime Lands Residencies’ listing (bearing security code PLR-N-0000) will be on the CSE’s Diri Savi Board with 937,500,000 Ordinary Voting Shares and classified under the Industry Group “Real Estate (6010)”.

Post-IPO success Prime Group Chairman Premalal Brahmanage said: “The oversubscription is a tremendous achievement given the current pandemic situation. This speaks well of the organisation and its impression in the financial market and further booms the share market with a positive outcome. We commend and thank our investors for making a wise investment with Prime Lands Residencies.” 

“I want to say that we recognise the importance of meeting shareholder expectations, and delivering long-term shareholder value, which is fundamental for a listed company and furthermore we believe that together with investing public, we can continue to shape the nation’s horizon,” he added.

Prime is a well-respected brand name in Sri Lanka and Prime Group is the first and only Sri Lankan real estate group to secure an issuer rating of (SL)A- from ICRA Lanka. Prime Lands Residencies was created in 2016 by amalgamating Prime Homes International, Prime Homes and Living Homes to focus on envisioning, creating and selling affordable luxury housing projects in the main cities around the country, under the brand name ‘Prime Residencies’ together with high end and ultra-luxury condominiums such as The Grand Ward Place Colombo 7, located in the heart of the Colombo.