Sri Lanka's Odel Unlimited department store said its 250 million rupee initial public offering has been oversubscribed and would close today.
The firm is selling 16.7 million shares at 15 rupees. Odel said 150 million rupees would be used for expansion and 100 million rupees to retire debt.
The firm would allocated 1.2 million shares to employees, the prospectus said.
After the issue it would have 114.95 million shares.
After the IPO, Odel founder and chief executive Otara Gunewardene's shareholding would fall to 55.77 percent from 63.03 percent.
LBO
The firm is selling 16.7 million shares at 15 rupees. Odel said 150 million rupees would be used for expansion and 100 million rupees to retire debt.
The firm would allocated 1.2 million shares to employees, the prospectus said.
After the issue it would have 114.95 million shares.
After the IPO, Odel founder and chief executive Otara Gunewardene's shareholding would fall to 55.77 percent from 63.03 percent.
LBO
