Laugfs Holdings closes IPO on first day itself
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.