10 MARCH 2014AlCircle.com
Sri Lanka’s Alumex IPO worth Rs.853 million oversubscribed
Edited by : AL CIRCLE
1 min read
The aluminium extrusions maker in SriLanka, Alumex’s initial public offer of 853 million rupees was oversubscribed within few hours of its opening.
According to NDB Investment Bank, the validity of the offer would last till 4:30 pm, the next day.
A sum of 17.85 mn shares was offered by the firm to raise 250 mn rupees for the purpose of factory expansion.
Another 42 million shares were sold by existing shareholders.
As a result of this sale, the firm can qualify for the low corporate income taxes that are given to those companies listed on stock exchange before March 2014.
The firm said it took almost nine months till December 2013 for the revenues to rise to 2.02 billion rupees from a sum 1.8 billion rupees and cost of sales rose from 1.28 billion rupees to 1.43 billion rupees and allowed the gross profits to rise from 483 million rupees to 547 million rupees.
After the IPO the firm will have a total of 299 million shares.
According to NDB Investment Bank, the validity of the offer would last till 4:30 pm, the next day.
A sum of 17.85 mn shares was offered by the firm to raise 250 mn rupees for the purpose of factory expansion.
Another 42 million shares were sold by existing shareholders.
As a result of this sale, the firm can qualify for the low corporate income taxes that are given to those companies listed on stock exchange before March 2014.
The firm said it took almost nine months till December 2013 for the revenues to rise to 2.02 billion rupees from a sum 1.8 billion rupees and cost of sales rose from 1.28 billion rupees to 1.43 billion rupees and allowed the gross profits to rise from 483 million rupees to 547 million rupees.
After the IPO the firm will have a total of 299 million shares.
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