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Sri Lanka’s Windforce renewable energy IPO gets Rs25.7bn orders

ECONOMYNEXT – An 3.2 billion rupee initial public offer by a WindForce Limited, a renewable energy firm was oversubscribed 8 times, the Colombo Stock Exchange said.

The firm offered 202.6 million shares at 16 rupees.

The firm drew applications worth 25.7 billion rupees on the opening day.

The IPO was approved within three weeks, CSE said following a revamp of the listing process which eliminated redundant steps.

“The initiative has simplified the process, eliminated redundant approval steps, moved away from a dual approval process,reduced documentation and improved the time- to-market for new and follow-on offerings of equity and debt,” the CSE said.

The stock is expected to start trading in the second half of April 2021. (Colombo/Mar31/2021)

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