Singer Finance Rs. 400 m IPO oversubscribed 120 times with Rs. 48 b draw

Singer Finance Lanka Ltd’s Rs. 400 million Initial Public Offering (IPO) has been oversubscribed by around 120 times as per provisional count.  The registrars to the issue SSP Corporate Services said yesterday it had processed 21,000 applications so far requesting for shares worth Rs. 48 billion for the IPO which closed on its official opening day of 15 December.  

The number of shares applied for was 3.2 billion.“Final figures will be notified subsequent to processing of all applications,” SSP Corporate Services said.Analysts believe Singer Finance IPO has already created history with the unprecedented demand.

Via the IPO Singer Finance Lanka provided the public to subscribe for 26,666,667 shares at Rs. 15 each.

Proceeds of the IPO would be used to part finance the loan disbursements of the company for the remainder of FY10/11. Further, the Company plans to utilise the proceeds of the IPO before the end of FY10/11.