Vallibel IPO oversubscribed in excess of eight times

Wednesday, 22 June 2011 01:02 - - {{hitsCtrl.values.hits}}

The Rs. 533 million Vallibel One IPO, which opened yesterday, was oversubscribed by over eight times with around 9,000 applications processed within yesterday at the time this edition went to press, the Daily FT learns.

Two applications, from abroad and locally, had been received for the entire issue and the final number is expected to be higher with counting continuing today.

Registrars to the issue P.W. Corporate Secretarial informed the Colombo Stock Exchange that the issue closed at 4:30 p.m. since it was oversubscribed.

VOL is offering 21.3 million shares at Rs. 25 each. It is the holding company of select investments of business leader Dhammika Perera.

VOL holds a 51% stake each in Royal Ceramics, LB Finance and more recently Delmege Forsyth Group and a 15% stake in Sampath Bank. It also has interests in leisure whilst scouting for opportunities in mini hydro.