Vallibel Finance IPO oversubscribed on first day

The Vallibel Finance Initial Public Offer (IPO) was closed on the opening day itself thanks to an overwhelming investor response which saw the issue being oversubscribed by many times, the company announced. As the name-bearer of the respected Vallibel Group headed by maverick investor Dhammika Perera, the company's entry into the public domain received an enthusiastic response to the initial offering on its first day, now going on the main board of the Colombo Stock Exchange.

"We are overwhelmed by the investor confidence. An oversubscription by first day speaks volumes of the vast strides we have made in such a short time", said Jayantha Rangamuwa, Managing Director of Vallibel Finance. He said that the company would now build on the investor confidence so that shareholders as well as customers may enjoy greater dividends.

The Vallibel Finance IPO opened to the public on March 31st and was closed on the opening day due to the oversubscription. Rangamuwa further stated the share allocation would happen according to the criteria laid down, and that the company is thankful to the investor public for keeping such enormous faith and confidence in Vallibel Finance.

Final application figures are expected to be announced late as the processing is still underway.