Opening Shot

Dec 08, 2010 (LBO) - Shares of Sri Lankan liquid petroleum gas supplier Laugfs Gas, sold at 23 rupees in a public offer, opened higher but came under selling pressure, brokers said.



The firm offered 75 million ordinary shares at 23 rupees to raise 1,725 million rupees, and 52 million non-voting shares at 15 rupees to raise 780 million rupees.





Laugfs Gas opened trading at 31 rupees Wednesday, but fell to 24.

90 and was trading around 26.40 by mid-morning with around 12 million shares traded.

The Laugfs Gas initial public offer to raise 2.

5 billion rupees on November 04, 2010 was oversubscribed and closed on the opening day itself.