Capital Alliance Holdings Limited’s (CALH) Rs. 1.58 billion initial public offering (IPO) was oversubscribed within hours of opening yesterday (8).

CALH announced that its offering of 157,500,000 shares at an issue price of Rs. 10 was fully subscribed, and the subscription list for the IPO closed at 4:30 p.m.

The basis of allotment is expected to be notified to the CSE in due course.

Through the IPO, the company will list 7.6 per cent of its stake, equivalent to 157.5 million shares, on the Main Board of the CSE 

The shares offer of Rs. 10 each represents a 21 per cent discount compared to the company’s September valuation of Rs. 24 billion.

Following the IPO, CALH’s market capitalisation is projected to reach Rs. 20.7 billion.

Nearly half of the IPO proceeds will be allocated to fund CALH’s expansion into Kenya, which is targeted to be completed within one year.