Sri Lanka’s HNB Finance IPO oversubscribed

Sri Lanka’s HNB Finance Limited, said it has received applications in excess of the 57 million rupees in shares the company was selling through an Initial Public Offer on Monday.

The stock sale, managed by Acuity Partners (Pvt) Ltd, was the first initial public offer in two years.

The IPO, which offered 10 million shares at 5.70 rupees a share, closed at the Colombo Stock Exchange at 4.30pm on Monday.

HNB Finance also offered 298.2 million non-votin shares through an introduction at 4.20 rupees a share.

HNB the second largest listed bank in Sri Lanka, holds 51 percent of the shares in HNB Finance.

Prime Lands, a real estate developer, owns a 39.57 percent stake.

Prime Lands was the selling shareholder for the IPO, divesting a 0.7 percent stake in the firm.

Following the IPO, Prime Lands will own a 38.86 percent stake in HNB Finance.

The third largest sharholder is the Luxembourg-based DWM Funds holding a 7.9 percent stake.

HNB Finance was part of the Ceylinco Group which was bought by Prime Lands in 2011 during the former’s collapse.
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It was renamed Prime Grameen Microfinance Limited, a finance company regulated by the central bank. HNB acquired a 51 percent stake in the firm in 2014.

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