Financial Times

The Initial Public Offering of non-voting shares of Seylan Merchant Bank Limited (SMB) to the value of Rs 100 million was oversubscribed within a few hours on the opening day, August 16, the company said last week.

The shares were offered to the public at a par value of Rs 1 per share. Deputy Chairman of SMB Rohan Senanayake said: "The oversubscription of our IPO on the opening day reflects the confidence the market has in SMB and its services especially at a time when the market is depressed. As a niche player, we are proud to have gained such credibility in the market. Funds raised from the IPO would enable SMB to increase its issued share capital, while also improving the capital adequacy ratio of the company, in line with prudential norms set out by the Central Bank of Sri Lanka," he said.

The minimum subscription for this issue was 1,000 shares. The shares will be listed on the main board of the CSE.