Cable Solutions to debut on CSE on Wednesday

Monday, 12 August 2024 00:16 - - {{hitsCtrl.values.hits}}

Public trading of shares of Cable Solutions Ltd. on the Diri Savi Board of the Colombo Stock Exchange (CSE) will commence on 14 August, under the ticker symbol CSLK.

The initial public offering (IPO) of shares of Cable Solutions Ltd. – Sri Lanka’s leading specialised manufacturer of integrated cables – received active, broad-based interest from diverse investors and was oversubscribed on IPO opening day.

Managed by Asia Securities Advisors Ltd., the issue saw subscriptions for 14,666,600 new ordinary voting shares of the company, together with the sale of an existing 66,120,000 shares of the company by four of its non-majority shareholders. As a result, the company was able to successfully raise Rs. 109,999,500/- by way of its offer for subscription with the remaining funds being utilised to accommodate a partial sale from minority shareholders. The company intends to utilise its IPO funds for capital expenditure towards new machinery (81.8%) and working capital (18.2%).