Hemas Power raises over $5m in oversubscribed IPO

Sri Lankan power and hydro provider Hemas Power announced that its IPO of 31,300,000 ordinary shares was oversubscribed by around 3.7 times on its first day. The company received 8,552 applications at a book price of 20 rupees ($0.17) a share, totalling LKR2.3bn ($20m). Total capital raised was over $5m, with investors including local and foreign funds, and local and foreign retail investors.

Tags: hydropower

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