Prime Lands Residencies Ltd., the condominium property arm of Prime Group, recently debuted its Initial Public Offering (IPO) proposition.
The company has offered a subscription for 100,000,000 Ordinary Shares at an Issue Price of Rs. 10.40 per share, which is payable in full on application. The company has also facilitated an option to subscribe for a further 87,500,000 shares in the event of an oversubscription of the initial 100,000,000 shares.
The opening date is currently set for 11 May, and interested parties are encouraged to forward their applications prior to this. Through this IPO, Prime Lands Residencies Ltd. seeks to allow the public to have a 10-20% stake in the company, and raise Rs. 1.95 billion in funds.
This IPO is expected to ensure that the firm continues to grow from strength to strength, with a commitment to bring the best value to all their stakeholders, ensuring their satisfaction is parallel to the growth of Prime Lands Residencies and the Prime Group. Over 40 apartment projects have been initiated by the company so far in Colombo, other main cities and suburbs. Out of which 35 projects have been fully completed and handed over to residents, and five more projects are in the pipeline to be launched in 2021. For the financial year 2020, the company recorded an after-tax profit of Rs. 138 million on a revenue of Rs. 5.7 billion. The post-tax profit is forecasted to increase to Rs. 975 million this year, with a projected revenue of Rs. 7.9 billion.
Prime Lands Residencies Ltd. debuts IPO
04 May 2021
Prime Lands Residencies Ltd. debuts IPO
04 May 2021