Mackwoods Energy announces IPO allotments

Mackwoods Energy Limited announced the basis of allotment of its Rs. 350 million IPO, which was oversubscribed on the first day of its opening on March 22.

With a view to maximize investor participation, all the retail investors and the investors who applied upto 3,571,400 shares (approx Rs 50 m) under the non-retail investor category were allotted 100% of the shares applied for, according to the basis of allotment.

Investors who applied for more than 3,571,400 shares were allotted a minimum of 3,571,400 shares plus 24.67% of the shares applied for over and above 3,571,400 shares.

Based on the Stock Exchange filing, 512 investors have applied for 28,476,100 shares at the IPO and 446 investors under the retail category were allotted 794,800 shares while the balance 24,205,200 shares were allotted to the investors who had applied under the non-retail investor category.

The shares of the company will be listed on the Colombo Bourse towards the end of April 2012.

The company raised Rs 350 million through the issue of 25 million ordinary voting shares to the public at Rs 14 each, amounting to a 25% stake of the company's, post IPO.