Dialog Telekom touches market cap of $1 billion (Sri Lanka)
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Telekom Malaysia Bhd's Sri Lankan subsidiary, Dialog Telekom, became the first company on the Colombo Stock Exchange to touch a market capitalisation of $1 billion when it made its debut at Sri Lankan Rs 14.75 per share from an offer price of Sri Lankan Rs 12.
The launch of the country's largest ever IPO boosted the local bourse's All Share Price Index to a record 2,000 points at the opening of trading. The proceeds from the IPO of about $50 million will be used to fund future investments. Despite being the last entrant into Sri Lanka's mobile business in 1995, Dialog captured market leadership in 2000 and now commands 60 per cent of the country's mobile sector and 40 per cent of the overall telco market.
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