Cable Solutions’ IPO opens today

Tuesday, 23 July 2024 01:22 - - {{hitsCtrl.values.hits}}

The initial public offering (IPO) of shares of leading integrated manufacturer of specialised cables, Cable Solutions Ltd., (CSL) will open today.

Managed by Asia Securities Advisors Ltd., the issue will see a total of 80,786,600 ordinary voting shares of the company offered to the public, through a combination of an offer for subscription of 14,666,600 new ordinary voting shares and an offer for sale of 66,120,000 existing ordinary voting shares. The shares are on offer at a price of Rs. 7.50 per share. The IPO is priced at a 27% discount to the discounted cashflow valuation of Rs. 10.3 per share conducted by the independent valuer KPMG.

Founded in 2008, CSL is now majority-owned by ACL Cables PLC, and has expanded its footprint across international markets, with exports accounting for a substantial 94% of its Rs. 3.3 billion revenue in FY2023.

Serving clients in 13 countries including the USA, UK, Germany, and India, CSL’s extensive global presence underscores its ability to meet stringent international standards and adapt to diverse customer needs. The company is seeking to raise a total of Rs. 110 million from the public through its offer for subscription of 14,666,600 shares. These funds will be utilised for capital expenditure towards new machinery (81.8%) and working capital (18.2%).