Luminex postpones IPO to 19 May

Friday, 13 May 2022 00:00 - - {{hitsCtrl.values.hits}}

Luminex Ltd., yesterday announced its plans for a Rs. 250 million initial Public Offering (IPO) of 31,250,000 ordinary shares at Rs. 8 per share that will be postponed until 19 May.

The postponement comes in light of the current unrest in the country and at the consultation with the CSE.

The issue, when launched, amounts to an 11.52% stake of the company subsequent to the IPO. The amount of Rs. 250 million raised from the IPO will be utilised to enhance the working capital to scale up by consolidating local operations. Navara Capital Ltd. is the financial advisor and issue manager.

Luminex Ltd. is leading engineering company and market leader in telecom infrastructure engineering and also involved in electrical, civil and water projects as well.

The company has been in operation for well over 35 years and completed over 850 projects in the past 10 years. It is a leading telecom OSP (Outside Plant) construction partner for Sri Lanka Telecom and Dialog Axiata and a construction contractor for public and private entities. The company is empowered by a competent 570 in-house workforce across eight operation centres and 29 project offices at present.