Nov 12, Colombo: Sri Lanka's Hikkaduwa Beach Resort Limited, which opened its IPO last month has raised Rs. 4.52 million.

In a communiqué sent to the Colombo Stock Exchange today the hotel firm informed that it received 64 applications for 226,000 shares.

Hikkaduwa Beach Resort which comes under Citrus Leisure group opened the IPO on the 24th of October to raise Rs. 115 million. However, the investors have not shown expected interest to the IPO.

On the opening day it only got 40 applications for 90,500 shares receiving Rs. 1.81 million.

The leisure company offered 5,757,390 at a share price of Rs. 20.

Stock analysts say the present market weakness may be a reason for the low investor interest in the IPO.

Hikkaduwa Beach Resort is a four-star hotel and located in the southern coastal town of Hikkaduwa, 140 kilometers south of the Bandaranaike International Airport in Katunayake Colombo along the coastal Colombo-Galle Road.