Capital Alliance stocks prove a prime pull; IPO oversubscribed

Capital Alliance stocks yesterday commenced trading on the CSE floor, selling up to 73.00 percent of stocks. This actually fuelled the market throughout the day, market analysts said.

- BY HIRAN H.SENEWIRATNE

The stock is listed on the CSE Main Board, under the 'Diversified Financials' sector. A bell ringing ceremony took place in the morning to mark trading commencement.

Capital Alliance Holdings Limited, which has interests in bond trading, fund management, corporate finance and equity trading with operations in Sri Lanka and Bangladesh, offered shares at Rs 10 each in its initial public offering.

The company planned to raise Rs 1,575 million from its initial public offer of shares, but the issue received Rs 23.3 billion of applications, indicating an oversubscription of 15.5 percent.

Amid those developments, the CSE was extremely bullish, on account of mainly Capital Alliance, thus resulting in both indices moving upwards. The All Share Price Index went up by 61.88 points while S and P SL20 rose by 37.52 points. Turnover stood at Rs 5.1 billion with 11 crossings.