Prime Lands Residencies makes CSE trading debut

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Prime Lands Residencies Limited (PLR-N-0000) rang the market opening bell yesterday to commence trading on the Colombo Stock Exchange (CSE) at a special fully Virtual Market Opening Ceremony organized by the CSE. The company listed 937,500,000 Ordinary Voting Shares and has been classified under the Industry Group “Real Estate (6010)”.

Brahmanage Premalal, Group Chairman of Prime Lands Residencies Limited, Ray Abeywardena, Group Managing Director / CEO of Acuity Partners (Private) Limited and Dumith Fernando, Chairman of the CSE spoke at the event.

The Chairman of the CSE Dumith Fernando congratulated the company on the special occasion “Today marks the listing of a company of Real Estate sector. This sector is under represented on the market capitalization of the CSE.

That makes this listing special as Prime Lands Residencies is coming to the market very successfully.

Prime Lands Residencies‘IPO was oversubscribed on its first day and raised Rs. 1.95 Bn. This is the third listing this year and each of them raised their full fund raising goal within the first day through oversubscription. This proves the resilience and the robustness of the CSE as a venue for capital raising.”Group Chairman of Prime Group, Brahmanage Premalal welcomed the new shareholders to the company and added “I believe that there is no better way of welcoming our shareholders into the organization than by achieving an oversubscription on the very first day of the issue.

Going public is a significant milestone for any business, and we are very proud about this achievement.” Speaking at the event Group Managing Director / CEO of Acuity Partners (Private) Limited¸ Ray Abeywardena remarked “Prime Lands Residencies is indeed a success story that is legendary, started by two entrepreneurs over 25 years ago.

The organization has grown to be a powerhouse in the Real Estate Industry. It is a most respected entity having won many accolades and achievements. The IPO was a tremendous success.”

“This was at a time when we were heading for the lockdown given the increase in the pandemic. The fact that we were able to hold the share issue and conclude it successfully speaks volumes. Projections that Prime Lands Residencies put forward in terms of their growth numbers attracted an overwhelming measure of confidence by investors. Prime Lands Residencies Share issue also set a new record for the number of applications that we received via online. 52% of the applications that came through were online.”