Prime Lands Residencies Limited Initial Public Offering (IPO) of 100,000,000 shares at Rs. 10.40 per share at the Colombo Stock Exchange (CSE) which opened May 11 was oversubscribed on the same day.
Accordingly, the company decided to exercise the option to issue up to another 87,500,000 Ordinary Voting Shares of the Company at Rs. 10.40 per share. Such shares were allocated based on the applications received up to 4.30 p.m. on May 12.
The Share subscription closed at 4.30 p.m. on May 12. The IPO of Prime Lands Residencies Limited successfully raised the initial sum of Rs. 1.04 bn.
By the close of the issue, strong response in terms of applications, was seen with regard to raising the extended issue of 87,500,000 Ordinary Voting Shares, amounting to Rs. 910 mn. All three equity IPOs this year were oversubscribed on the opening day itself.
The company has also been accredited as the first and only Sri Lankan real estate group to secure credit rating of (SL)A- from ICRA Lanka. Prime Lands Residencies was launched in 2016 by amalgamating Prime Homes (Pvt.) Ltd, Prime Homes International (Pvt) Ltd, and Living Homes (Pvt) Ltd to focus on envisioning, creating, and selling affordable housing projects in the main cities around the country, under the brand name ‘Prime Residencies’.