The company announced to Colombo Stoke exchanges the following details
Number of shares applied 20,378,700
Value of the shares applied 815,148,000
About The Finance Company PLC IPO
The Finance Company PLC announced to IPO 40 Million Ordinary voting shares at the price of Rs.40 per share.
The objective of the IPO is to be
- To broad base the share ownership of the company
- To increase the capital base of the company
- To obtain long term funds for future expansion, especially to expand the hire purchase, leasing, pawning and real estate business.
The Finance Company PLC had a bad track record of the bad financial position in 2008. And their objective of fund raising is not clear enough to the investor to know, what the expantion there are going to do are.
As per today announcement the subscription of the Finance Company PLC is about the 51% of their IPO. And the investors were not interested to taking a risk investing in the Finance Company PLC.