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Hemas
launches Rs. 600 million IPO
Hemas
Holdings Limited announced the launch of its Initial Public Offering (IPO)
recently. Twelve million shares will be offered, comprising eight
million new shares and four million existing shares. At the issue
price of Rs. 50 per share, the total size of the offering is Rs. 600
million. The company currently has a paid up share capital of Rs. 700
million, which will increase to Rs. 780 million on conclusion of the
IPO.
While
the official launch date of the IPO is September 18, applications were
accepted from the public commencing September 8.
This
share issue is lead managed by the DFCC Bank and co-managed by Hatton
National Bank Limited. The issue of new shares, amounting to Rs. 400
million, is fully underwritten by DFCC Bank and Hatton National Bank
Limited.
The
key objectives of the issue are (a) to raise funds to be infused in
the form of equity into a power generation project; (b) to enable
greater public ownership and participation in the company, and (c) to
facilitate the admission of the company's shares to the official list
of the Colombo Stock Exchange (CSE).
Established
in 1948 by Sheikh Hasannally Esufally (MBE), Hemas is today one of the
leading conglomerates in Sri Lanka.
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