WindForce Limited listed on the Colombo Stock Exchange
The biggest Initial Public Offering in nine years, renewable energy pioneer WindForce Limited listed on the Colombo Stock Exchange, raising Rs.3.2 billion. The IPO offered a 15% stake or 202,615,341 new ordinary voting shares of par value Rs.10 at Rs.16 each. The offering was oversubscribed eight times over on an opening day reflecting strong investor appetite for the renewable’s giant. The company confirmed that 1,536 applications requesting Rs.25.73 billion worth of shares were received.
The CSE stated that WindForce is scheduled to commence trading on the main board of the CSE during the latter part of April. Of the funds raised, Rs.927 million will be utilized to construct a 15 MW wind plant in Mannar, Rs.1.4 billion will be utilized to construct a 30 MW solar plant in Senegal and Rs.932 million will be kept as funds retained for future investments.