ODEL shares rocketed up to Rs. 38.50 in its first day of trading before setting back to a sober Rs. 35.40 at the time this article was published. Almost 13 million shares were traded in more than 10,000 trades. Prices opened at Rs. 15 this morning in what was a much anticipated IPO by one of the leading clothing retailers/ department stores in the country.
Other leading gainers in today’s trading so far include Environmental Resources Investments (14.29%), Vallibel Finance (14.45%) and Upussellawa (13.04%).
Odel’s IPO offered a 11.52% state in the organization through the IPO. The 16.7 million shares was oversubscribed by over 64 times, raising Rs. 16 billion compared with the IPO value of Rs. 250.5 million.
‘While the IPO allocated 1.2 million shares for employees, it also had a unique feature in that retail and non-retail investor categories were allocated separate tranches, so as to avoid smaller investors being crowded out by larger investors and to encourage wider share ownership’ said a statement on the Odel website.