First local IPO for this year to be launched by RIL Property

By Hiran H.Senewirtne

RIL Property Limited will go for an Initial Public Offering (IPO) on April 4 and its application was approved by the Colombo Stock Exchange (CSE), market sources said. The company being a leading office space provider in Colombo, will issue 120 million ordinary voting shares at Rs 8 per share for the public.

This would be the first IPO announced for this year and due to non conducive market conditions several companies withdrew from going for IPOs. The funds that will be raised from the IPO will be used for further expansion of the company's office space business, sources said. This type of new IPO is an impetus to the market, these sources added. .

Meanwhile, yesterday the CSE recorded Rs  711 million in turnover with two major crossings. However, the All Share Price Index went down by 3.8 points and S and P SL 20 down by 4.6 points. Blue-chips were quite active compared to other companies in the market. 

When it comes to crossings, 2.6 million shares of JKH crossed for Rs 371 million and Ceylon Cold Stores' 128,000 shares crossed for Rs 104 million.

In general trading, the companies that contributed mainly to the day's turnover were, Sampath Bank Rs. 79 million (291,000 shares), HNB Rs. 26 million (112,000) and People's Leasing Rs. 17.4 million (1.1 million shares)

A JKH crossing contributed more than half to the day's turnover. During the day 12.3 million shares changed hands in 2802 transactions.

Meanwhile, JKSB said of yesterday's CSE trading:

ASPI: 6,084.99 (-3.81 pts; -0.06%); Val T/O: Rs. 711mn (US$4.69mn); Vol T/O: 12.3mn; Trades: 2,802

Advance/decline ratio: 75/93 ; Top gainer: SEMB.X (+50.00%); Top loser: CPRT.N (-18.03%)


*The ASPI ended marginally lower amid moderate turnover levels. The diversified, banking, and food & beverage sectors dominated market activity with crossings witnessed in JKH and CCS.

* Diversified Holdings was the most actively traded sector (-0.16%)

* Stores & Supplies was the best performing sector (+4.97%), supported by gains on EBCR (+10.25%)

*Services was the worst performing sector (-4.36%), dragged down by declines on JKL (-5.45%)

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