Renuka Agri Foods oversubscribed 12 times

Renuka Agri Foods Initial Public Offer (IPO) was oversubscribed 12 times with large amounts of investments surging even after closure of the IPO on the initial day of opening, November 27 by 10.00 a.m. Over 5,409 applications worth over Rs. 3.2 Bn were received, a media release said.

The share was priced at Rs. 2.25 each. The joint effort of Merchant Bank of Sri Lanka PLC, Renuka Agri Foods Limited and Capital Alliance Holdings Limited, considering the opportunity in agri based companies in Sri Lanka, was the key towards the success.