Singer Finance sets record for most IPO oversubscriptions

Singer Finance (Lanka) Limited established a new record by achieving the highest level of oversubscription for an Initial Public Offering (IPO) in Sri Lanka with 135 oversubscriptions, The NDB Investment Bank claimed.

The shares allocated for the public recorded an enormous oversubscription of 149.4 times whilst the allocation for SINGER employees recorded an oversubscription of 3.3 times.

Singer Finance IPO has more than doubled the previous record for the highest oversubscription in an IPO at the Colombo Stock Exchange which was claimed by ODEL PLC for its oversubscription levels of 63.8 times.

The Singer Finance IPO offering 26,666,667 shares at Rs. 15 per share attracted 21,739 valid applications raising approximately Rs. 54 billion. The quantum of funds raised is believed to be only second to the IPO of Dialog Axiata PLC, another landmark transaction carried out by NDBIB in 2005, which raised approximately Rs. 56 billion.

Commenting on the final outcome of the IPO, Singer Finance CEO, Shantha Wijeweera said “The response by the public has been overwhelming and shows us that people have faith in us and the SINGER brand. Further, through this basis of allotment the company has been able to fully satisfy over 42% of total applicants in the IPO”.

The funds raised via this IPO will be utilized by the company to expand their lending portfolio and expand its branch network. The newest Singer Finance outlet was opened in Anuradhapura recently with many more outlets scheduled to be opened in the North and East regions of the Country.