Prime Lands Residencies to debut IPO on May 11 | Daily News

Prime Lands Residencies to debut IPO on May 11

Prime Lands Residencies Limited, the condominium property arm of Prime Group, recently debuted its Initial Public Offering (IPO) Proposition.

The opening date is currently set for May 11. The company has extended an invitation to subscribe for 100 million 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 87.5 million shares in the event of an oversubscription of the initial 100 million shares.

Through this IPO, Prime Lands Residencies Limited seeks to allow the public to have a 10 to 20% percent stake in the company and raise 1.95 billion rupees 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.