Prime Land Residencies IPO oversubscribed on opening day

Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday (11), the company’s oversubscription forecasts proved to be true as the initial 100 million shares were purchased in record time. 
The Board of Directors has decided to exercise the option to issue up to a maximum of a further 87.5 million shares as set out in the prospectus. In line with this the issue will be closing at 4.30 p.m. today (12 May 2021) and application forms will be accepted until such time. 

Prime Lands Residencies had offered the IPO at 40 percent discount allowing investors to reap a significant capital gain. The company also stated that investors will be eligible to avail a significant dividend payout of 40 percent from the profits end of the financial year 31st March 2021 of Rs. 975 million profits after taxes within a few months of the listing.

“The oversubscription tells us that the public’s interest for our shares far exceeds the available supply. We have achieved excellence in the eyes of the public as they have recognised our solid financial performance. The over subscription is a tremendous achievement given the current pandemic situation,” Prime Lands Residencies Chairman Premalal Brahmanage said.