Prime Lands Residencies makes CSE trading debut | Sunday Observer

Prime Lands Residencies makes CSE trading debut

12 June, 2021

Prime Lands Residencies Limited rang the market opening bell today to commence trading on the Colombo Stock Exchange (CSE) at a virtual Market Opening Ceremony organised by the CSE.

The company listed 937,500,000 Ordinary Voting Shares and has been classified under the Industry Group “Real Estate (6010)”.  

Chairman of the CSE Dumith Fernando said, “Today marks the listing of a company in the Real Estate sector. This sector is under-represented on the market capitalisation of the CSE. That makes this listing special. Prime Lands Residencies‘ IPO was oversubscribed on its first day and raised Rs. 1.95 Bn.

This is the third listing this year and each of them raised their full fund raising goal within the first day through oversubscription. This proves the resilience and the robustness of the CSE as a venue for capital raising. I wish Prime Lands Residencies all success in the future and hope we see a very positive post-listing performance.”

Group Chairman of Prime Group, Brahmanage Premalal said, “I believe that there is no better way of welcoming our shareholders into the organization than by achieving an oversubscription on the very first day of the issue. Going public is a significant milestone for any business, and we are very proud about this achievement.

“The success story of this IPO is not confined to the Prime Team. We have been supported by the professional team of Acuity Partners who had done a tremendous job with their fantastic knowledge and experience of going to a public listing.

“We thank our auditors, our secretaries and our advertisers. We shall take every measure to fulfil the expectations of our shareholders and work with transparency, trust, confidence and professionalism to provide them with the best returns that they anticipate.”

Group Managing Director and  CEO of Acuity Partners (Pvt) Limited¸ Ray Abeywardena said, “Prime Lands Residencies is indeed a success story that is legendary, started by two entrepreneurs over 25 years ago. The share issue also set a new record for the number of applications that we received via online. 52% of the applications that came through were online.”