Expolanka IPO oversubscribed

The Expolanka public share offering 172 million shares at a price of Rs 14 was oversubscribed on Thursday just as it opened for subscriptions.

The company planning to raise Rs. 2.4 billion out of this IPO offering 9% of it to the public saw it’s IPO being oversubscribed by nearly six times at the last count on Friday, according to Expo officials.

The Expo directorate came under fire by retailers for having an alarming price disparity in its private placement (at Rs 6) and IPO (at Rs 14). The company reported a net profit of Rs.1.4 billion during 1-3Q of this year, recording 205.4% growth over the same period last year.