Laugfs Holdings closes IPO on first day itself

Charumini DE SILVA

The Initial Public Offering (IPO) of 75 million ordinary voting shares and 52 million ordinary non-voting shares of Laugfs Gas Limited has been oversubscribed several times yesterday.

Laugfs Holdings Chairman W K H Wegapitiya said the oversubscription of the IPO on the opening day is encouraging.

"This is a testimony for a real public issue as people from rural areas including from the North and East have also applied to be a part of our company.

People are actively harnessing the benefits of the peace and the company," he said. There will be a huge transformation in the company as many projects are to be launched.

We expect that the listing will create a better chance for our customers and all Sri Lankans to share the wealth. There were applications from the high net worth portfolios as well. Due to the oversubscription, the share issue was closed yesterday.

It was due to close on November 25.

Laugfs maintained the identity as a Sri Lankan company differentiating and diversifying into various sectors during the past ten years of operation. The company will further strengthen and grow in the Liquid Petroleum Gas (LPG), expand leisure and property development sector and settle debts with the raised funds from the IPO.