HNB Finance Limited’s Initial Public Offering (IPO) was successfully oversubscribed on the opening day.

In a stock exchange filing on Monday (17) HNB Finance Limited noted that they have received applications for over Rs.57 million in shares the company was selling through an Initial Public Offer on Monday (17). Therefore, the offer was closed at 4.30 p.m. on Monday (17th February 2020) as per the Prospectus and introductory Document.

HNB Finance Limited listed the ordinary voting shares by way of an IPO through an offer for sale of 10 million ordinary voting shares at Rs.5.70 per share.

HNB Finance also offered 298.2 million non-voting shares through an introduction at 4.20 rupees a share.

HNB Finance Limited recently obtained approval from the Colombo Stock Exchange to list its voting and non-voting ordinary shares.

Thereby, the Company started trading at a total market capitalization of Rs. 9.35 bn immediately after listing of ordinary voting shares and ordinary non-voting shares.

HNB Finance Limited, is a subsidiary of Hatton National Bank PLC, which owns 51% of the ordinary shares whilst 39.57% of the ordinary shares is owned by Prime Lands (Pvt) Limited. Being the pioneer in microfinance in Sri Lanka, HNB Finance Limited is acclaimed for its contribution to the microfinance industry. The efforts of HNB Finance are validated through prestigious recognitions such as Asia’s Best Workplaces in 2019 and the Runner up at National Business Excellence Award under Non-Banking and Financial Services Sector are few of the many accolades added to the company in the year 2019.