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| Sunday, 21 September 2003 |
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| News Business Features Editorial
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Hemas IPO oversubscribed before opening Hemas Holdings Ltd announced that its Rs. 600 million Initial Public Offer (IPO) was successfully oversubscribed prior to the issue opening. The Colombo Stock Exchange was informed that the issue will close at 4.30 p.m. on September 18, the opening day. At the close of business on the 17th, over 2000 applications had been received from prospective investors. In terms of the IPO prospectus, a period of seven market days from the date of closure of the issue is provided for deciding the basis of allotment, and 17 market days for making refunds on unallotted applications. Thirty market days are provided for dispatching the share certificates or direct uploads of Central Depository System (CDS) accounts prior to the commencement of trading of shares on the CSE. Hemas CEO Husein Esufally said the company will endeavour to dispatch refunds and complete the issue of share certificates and CDS uploads ahead of the above time frame, so that shares of the company may commence trading at the earliest possible date, and well before the expiry of 30 market days. He further said: "The basis of allotment will be decided no sooner the total value of subscriptions are realised upon banking. It will be done in a manner that is equitable to both retail and institutional investors". The lead manager and co-manager to the issue were the DFCC Bank and Hatton National Bank respectively. The issue of new shares, which comprised part of the total issue, was underwritten by both banks. |
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