Alumex touches peak of Rs. 15.20 on debut

Alumex Ltd., which debuted yesterday on the Colombo Stock Exchange, peaked to a high of Rs. 15.20 before closing at Rs. 14.20.

The counter saw 786,144 shares transacted via 133 trades. Despite a falling market, Alumex managed to close above the IPO price of Rs. 14.

Alumex was the 293rd listed company and 10th subsidiary of the Hayleys Group and its first in 22 years.

The IPO last month involved 59.9 million Ordinary Voting Shares at Rs. 14 per share. It drew 840 applications requesting 69 million shares worth Rs. 966 million. There was heavy retail interest for the IPO.

Of the funds raised, Rs. 250 million goes for the company’s expansion and Rs. 588 million to existing major shareholders (via offer for sale of vendor shares). The latter will continue to own 76% post-IPO.

http://www.ft.lk/2014/04/01/alumex-touches-peak-of-rs-15-20-on-debut/

Personally, I take this as an encouraging event, that it traded and closed above it's IPO price. How long was it since we last saw something like this?

Have been out of the market for a while..

They say "786,144 shares transacted" so this number is not that great as in any other IPO's first day. What I feel is this can even dragged down further for collection.

If anyone analysed, and if ALUMEX worth above 13, glad to see if they can comment

smallville wrote:Have been out of the market for a while..

They say "786,144 shares transacted" so this number is not that great as in any other IPO's first day. What I feel is this can even dragged down further for collection.

If anyone analysed, and if ALUMEX worth above 13, glad to see if they can comment

Didn't analyze small. Didn't even think of subscribing. But, whatever it is, this could turn the sentiment around for future 'good' IPOs.