WindForce IPO draws Rs.25.7bn worth of applications

• CSE says this demonstrates strong appetite for IPOs among investors

The WindForce Limited initial public offering (IPO) of Rs.3.2 billion, the largest IPO announced at the Colombo Stock Exchange (CSE) since 2011, has attracted applications amounting to a value of Rs.25.7 billion, the Colombo Stock Exchange (CSE) said in a brief statement yesterday.

According to the exchange, this demonstrates the strong appetite for IPOs among investors in the Sri Lankan stock market. The company’s IPO for 202,615,341 shares, at an issue price of Rs.16.00 per share, was oversubscribed by eight times on the initial day. 

WindForce Limited is scheduled to commence trading on the Main Board of the CSE, during the latter part of April 2021.  “The listing application of the company was approved by the CSE within a record time of three weeks, in line with the CSE’s recent revamp of the listing process to better serve the funding requirements of companies listing on the stock exchange. 

The initiative has simplified the process, eliminated redundant approval steps, moved away from a dual approval process, reduced documentation and improved the time-to-market for new and follow-on offerings of equity and debt,” the statement added.