Prime Lands share makes impressive CSE debut

• Share closes at Rs.11.60, up from issue price of Rs.10.40

Prime Lands Residencies Limited PLC’s share, which began trading yesterday on the Colombo Stock Exchange closed Rs.1.50 or 12.42 percent higher than the issue price, amid much investor interest. 

The share, which opened at Rs.11.60, up from the issue price of Rs.10.40, hit an intra-day high of Rs.14.90 before closing at Rs.11.60.

Over 48.3 million Prime Residencies shares were traded yesterday, generating a turnover of Rs.614.3 million, more than one-fourth of yesterday’s total market turnover of Rs.2 billion. Prime Residencies IPO aimed at raising Rs. 1.95 billion in two parts, attracted 2,323 applications requesting for shares worth Rs. 2.25 billion. 

The IPO involved issuance of 100 million new ordinary voting shares at Rs.10.40 each with an option to issue a further 87.5 million shares in the event of an oversubscription of the initial amount. 187.5 million shares amounted to 20 percent stake in the company.

Prime is a well-respected brand name in Sri Lanka and Prime Group is the first and only Sri Lankan real estate group to secure an issuer rating of (SL)A- from ICRA Lanka. Prime Lands Residencies Ltd. was created in 2016 amalgamating Prime Homes International, Prime Homes Ltd. and Living Homes Ltd. to focus on envisioning, creating and selling affordable luxury housing projects in the main cities around the country, under the brand name ‘Prime Residencies’ together with high end and ultra-luxury condominiums such as The Grand Ward Place Colombo 7, located in the heart of Colombo.