Hela Apparel IPO – decade’s biggest – snapped up on opening day

Thursday, 13 January 2022 02:58 - - {{hitsCtrl.values.hits}}

The Initial Public Offering (IPO) of Hela Apparel Holdings Ltd., unveiling a 20% stake or 267.1 million shares at Rs. 15 each, was snapped up and closed yesterday on its official day itself.

The IPO by Hela Apparel Holdings received applications for over the IPO value of Rs. 4 billion, and this IPO is the largest issue since 2011, the Colombo Stock Exchange said.

Hela said huge interest was witnessed from across a spectrum of investors, with both local and foreign individuals, institutions and non-retail investors eagerly subscribing to the issue.

Group CEO Dilanka Jinadasa said: “We are truly overwhelmed and grateful for the interest shown by the public for our initial public offering. We have already begun work to execute our IPO plans with a keen focus on our value creation journey ahead.”

The IPO was jointly managed by CAL and CT CLSA.

Hela Clothing said it was guided by an experienced, diverse and competent management team and operates 11 manufacturing facilities across six countries of origin, while generating revenues exclusively in US Dollars, making it an excellent way for investors to insulate against rupee risks.

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