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The Initial Public Offering (IPO) of Sri Lanka Telecom (SLT) will open on November 28, but applications were accepted from November 15. The Government plans to divest 12 per cent of its shareholding in SLT amounting to 217 million shares at Rs 15 each. If the oversubscription option is exercised in full, the Government will divest 15 per cent of its shares amounting to 270 million shares.

After the divestiture, the Government will own between 49.5 per cent and 46.5 per cent, NTT Japan 35.2 per cent and employees and others 3.3 per cent of SLT's shares. The IPOs of Apollo Hospitals and Tess Agro have been oversubscribed.

The Apollo Hospitals IPO drew applications worth one billion rupees while the issue offered Rs 20.5 million worth of shares at Rs 15 each. Incidentally, the issue was oversubscribed on Wednesday, the day of the official opening.

Tess Agro was also oversubscribed on the opening day, November 21. It is the first agri business company to go public. The IPO offered 2.5 million shares at Rs 10 each issued at par value.

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