notified the Colombo Stock Exchange (CSE) that further announcements will be made in a few days on the total value of the applications received, and the basis for allocation in the context of the oversubscription.
The first fashion retailer to go public in Sri Lanka, ODEL offered 16.7 million shares, an 11.5 per cent stake in the company’s equity, at Rs 15 per share. Of these shares, 1.2 million were set aside for applications from employees, 3 million for applications of up to 5,000 shares, and 12.5 million shares for applications for more than 5,000 shares.
“The public interest in our IPO has been overwhelming, and a great source of inspiration,” ODEL’s founder and CEO Otara Gunewardene said.
“Everything we have done since inception has been intended to delight our customers, and we are most gratified to see the public embracing our IPO.
The enthusiasm has exceeded even our high expectations.” Founded 20 years ago, the ODEL chain of distinctive fashion and lifestyle stores now comprises of 12 outlets at Alexandra Place, Kohuwala, Mount Lavinia, Moratuwa, Panadura, Maharagama, Nugegoda (Warehouse), Dickman’s Road, Ja-ela, Majestic City, Crescat (Backstage) and at the Bandaranaike International Airport.
The next store is due to open at Battaramulla later this month, and ODEL has said the funds raised from the IPO are to be primarily used for further expansion and improvements to existing stores.
The IPO was managed by CT Capital and John Keells Capital.
ODEL is a standard stop on most itineraries of tourists visiting Sri Lanka.
source - www.dailynews.lk
No comments:
Post a Comment