LCB Finance’s Rs.500mn Initial Public Offering snapped up

The Initial Public Offering (IPO) of Lanka Credit and Business Finance Limited (LCB Finance), which opened yesterday, was oversubscribed.

The finance company offered 125 million voting shares in two tranches—75 million and 50 million shares—to raise Rs.500 million. 

“We write for and on behalf of our client Lanka Credit and Business Finance Limited and wish to inform you that we have received applications for over Rs.500 million for the above mentioned issue and as such the initial issue and the further issue have been fully oversubscribed,” Registrars to the offer said in a stock market filing, yesterday. NDB Investment Bank was the financial advisor to the issue.