The Initial Public Offer by the Hydro Power Free Lanka Limited which was opened for subscription yesterday morning has been oversubscribed within the few hours of the opening.

The Hydro power firm offered 35 million shares, each priced at Rs. 10 to raise 350 million to expand its operations, news360.lk reported.

The money once raised will be used to build 4 mini hydro power plants with an overall capacity of 5.37 megawatts.

Hydro Power Free Lanka currently operates two mini hydro power plants in Gampola and each generates 1.6 megawatts of electricity.

The company is jointly owned by Pussellawa Plantations limited and Free Lanka Power Holdings private limited. The manager to the issue is Taprobane Holdings, news360.lk reported.