COLOMBO, 24 April, 2021 (TON): An application submitted by Prime Lands Residencies Limited, for the listing of its Ordinary Voting Shares by way of an offer for subscription has been approved by the Colombo Stock Exchange (CSE).

The company will be listed on the Diri Savi Board (or Main Board as relevant) of the CSE subject to compliance with the CSE Listing Rules and Securities and Exchange Commission of Sri Lanka (SEC) Directives (as applicable).

The CEO of CSE Rajeeva Bandaranaike remarked, “We are glad to welcome the third equity IPO for the year 2021 at CSE, which further diversifies the companies entering the stock market in Sri Lanka. This reinforces the confidence placed in the Sri Lankan stock market by companies as a viable source of capital raising and we welcome investors to explore these expanded investment opportunities.”

The company will be offering for subscription of 100,000,000 new Ordinary Voting Shares of the Company at Rs. 10.40 with an option to issue a further 87,500,000 Ordinary Voting Shares of the Company at Rs. 10.40 per Share.

Initial Public Offering (IPO) is held to raise a total sum of Rs. 1.04 billion with an option to raise a further Rs. 910 Million in the event of an oversubscription.

However, IPO is due to be opened on 11May, 2021.