Friday, February 25, 2011

Union Bank IPO

Sri Lanka bank IPO creates record

Feb 25, 2011 (LBO) - An initial public offer for 375 million rupees of stock in Sri Lanka's Union Bank has drawn record subscriptions of 84 billion rupees or 225 times making it the largest oversubscription ever in the island.
The registrars said 30,100 applications had been received for the issue which closed on Thursday, and from the applications processed so far 3.375 billion shares had been applied for.
The bank only offered 15 million shares to the public.

The previous high was with Singer Finance, a small finance company which attracted subscriptions for 135 times the offer, advisors NDB Investment Bank said.

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