2014’s first IPO Millennium Housing Developers opens today
Tuesday, 28 January 2014 00:40
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The New Year’s first Initial Public Offering (IPO) by the Millennium Housing Developers Ltd. (MHDL) will officially open today.
The company is issuing 32 million shares at Rs. 6 each in two tranches in a bid to raise Rs. 192 million to fund its ongoing and future construction of quality housing units within the Colombo District.
Seeking a Diri Savi Board listing, MHDL’s IPO involves a first tranche of 16 million shares and in the event of it being oversubscribed the second tranche of an equal amount will be exercised.
The IPO comes at a time when there is positive re-rating for equities investments given the envisaged low interest rate scenario and rebound in economic growth in 2014.
Managers to the issue is Arpico Ataraxia Asset Management Ltd.
