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Wednesday December 8th, 2021
Economy

Lanka Credit and Business Finance IPO oversubcribed

ECONOMYNEXT – Sri Lanka’s Lanka Credit and Business Finance Limited which offered up to 125 million rupees in ordinary shares at 4.0 rupees is closing on the opening day after oversubscription, issue managers NDB Investment Bank said.

The IPO has attracted over 500 million rupees of applications a few hours after opening on October 26 and will close at 1630 hours.

NDB Investment Bank is the financial advisor to the offer. NDBIB said it had helped the firms acquisition by current owners and had helped in capital infusion to make turnaround the firm from a previously distressed state.

Related Sri Lanka’s Lanka Credit and Business Finance IPO opens

In the year to March 2021, the firm reported profits of 25 million rupees.

Interest income grew marginally to 461 million rupees from 456 million rupees, and interest expenses fell to 108 million rupees from 131 million rupees, helping net interest income rise to 348 million rupees from 292 million.

The firm provided 22 million rupees for impairments down from 100 million a year earlier. (Colombo/Oct26/2021)

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