LCB Finance IPO oversubscribed on opening day: public response seen as encouraging

Initial Public Offering (IPO) of Lanka Credit and Business Finance Limited, through an Offer for Subscription of up to 75,000,000 Ordinary Voting Shares in the first instance, and a further 50,000,000 Ordinary Voting Shares at the option of the Board of Directors at Rs. 4.00 per share, which opened 26th October 2021 was oversubscribed on the initial day itself.

The IPO by LCB Finance Limited, received applications for over Rs. 500 Mn and as such the Initial Issue and the further Issue was closed at 4.30 PM 26th October 2021.

Commenting on the issue, the CEO of CSE, Mr. Rajeeva Bandaranaike remarked, “As a well-established Finance Company in Sri Lanka, we are happy to welcome LCB Finance Limited to the Colombo Stock Exchange (CSE). The attention and interest received from the public for the IPO is encouraging for the company, indicating trust and credibility that LCB Finance has achieved. We congratulate LCB Finance on the success of the IPO and this progressive step to enter the capital market. The company marks the 7th equity listing for the year 2021 on the CSE.