WindForce Limited, the largest Initial Public Offering (IPO) to hit the Colombo Stock Exchange since 2011, which closed on the opening day, was at least oversubscribed by seven to eight times, according to stock market sources.

The renewable energy company offered 202.6 million shares or 15 percent stake at an issue price of Rs.16 each to raise Rs.3.2 billion.

The issue was officially opened on March 24 and closed after a few hours after being oversubscribed.

According to market sources, large State-owned funds, such as Sri Lanka Insurance Life and General Funds and Employees’ Provident Fund, had not applied for WindForce shares, but private sector interest was significant along with some foreign interest. 

Out of the IPO proceeds, the company plans to allocate a sum of Rs.2,310 million as equity investment for a wind power project in Mannar and a solar power project in Senegal. 

The remaining funds of Rs.932 million will be utilised for future projects the company intends to undertake in Sri Lanka or in other countries. 

Meanwhile, market sources also said at least a couple of new IPOs are expected on the CSE, shortly—a large real estate/property sector player and a leading paint company, who recently strengthened its corporate stature with the infusion of a couple of renowned professionals to its already impressive board.