SDF’s Rs.1bn oversubscribed on opening day

Sarvodaya Development Finance’s (SDF) initial public offering (IPO) was oversubscribed by 1.1 times on the opening day, according to a disclosure filed with the Colombo Stock 
Exchange, yesterday. 

In a bid to raise Rs.1 billion, SDF offered 45.45 million ordinary voting shares, amounting to a 30.38 percent stake in the company, priced at Rs.22 per share.

Accordingly, the investors had placed bids for 50.8 million shares against the offer size of 45.45 million shares.

The IPO has drawn 407 applications via bank drafts and cheques to subscribe 15.86 million shares, valued at Rs.349.01 million, 810 applications via RTGS/SLIPS/CEFTs transfers to subscribe 30.27 million shares worth of Rs.666.07 million and three application through bank guarantees to subscribe 4.6 million shares, valued at Rs.Rs.102.74 million.

Currently, Sarvodaya Economic Enterprises Development Services owns 52 percent of the company’s voting shares, followed by a 22 percent stake held by Sarvodaya-related entities and 13 percent each by Japan’s Gentosha Total Asset Consulting Inc. and other existing shareholders.