Laugfs Gas IPO to raise Rs. 2.5 bn

Sri Lankan liquid petroleum gas supplier Laugfs Gas is seeking to raise 2.5 billion rupees in an initial public offer opening on November 04, 2010, a stock exchange filing said.

Laugfs Gas will offer for subscription 75 million ordinary voting shares at 23 rupees a share, to raise 1,725 million rupees, and 52 million ordinary non-voting shares at 15 rupees each to raise 780 million rupees. 

State-owned Merchant Bank of Sri Lanka is managing the issue with brokers Capital Alliance and Asha Phillip Securities being joint placement agents.