Adam Investments IPO now open for share applications

Wednesday, 30 April 2014 00:00 - - {{hitsCtrl.values.hits}}

The Colombo Stock Exchange uploaded Adams Investments Ltd.’s (AINV) prospectus to its official website - www.cse.lk - , signalling that submitting applications can now commence for shares offered in the company’s Initial Public Offer (IPO) which opens on 19 May 2014.

Adam Investments Ltd. is the investment vehicle for bringing to market a set of eight established companies with a presence and impact on a diversity of sectors. These companies include some established for more than 40 years, and others that are already publicly listed. They are engaged in garment exports, ICT, construction, air conditioning, automotive, commodities and import trading sectors. Investors are permitted to apply forthwith for 133,333,500 ordinary voting shares of Adam Investments Ltd at Rs. 3 per share with 1,000 shares being the minimum subscription. The company which seeks to raise Rs. 400,000,500 from the IPO has described the allotment structure in the prospectus, reserving 40% and 10% for retail investors and unit trusts respectively. Curiously, the balance 50% is reserved for non-retail investors, perhaps suggesting interest of informed high net worth investors and institutions. The IPO is scheduled to close when fully subscribed or on 5 June, whichever is earlier.