Debutant LCB closes 10% higher than IPO price

The shares of Lanka Credit and Business Finance Limited (LCB), which commenced trading on the Colombo Stock Exchange (CSE) yesterday, closed 10 percent above the issued price after opening double the IPO price. 

LCB share which was issued at Rs. 4 apiece, opened at Rs.8, but came down quickly to close at Rs.4.40, up 10 percent.

The number of LCB shares changed hands yesterday was 69.4 million in over 5, 100 trades and the counter generated a turnover of Rs. 345.5 million. 

LBC share was listed on Diri Savi Board of the CSE under the ‘Diversified Financial Services’ sector. The company offered up to 125 million shares at Rs.4 per share to raise Rs.500 million.