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Wednesday, April 6, 2011

Textured Jersey's Rs 1.74 billion pre-IPO placement well received

Textured Jersey Lanka (Private) Limited (Textured Jersey), a joint venture between Hong Kong listed Pacific Textiles Holdings and Brandix invited for the application of a Rs 1.74 billion pre-IPO share placement, prior to seeking a listing on the Main Board of the Colombo Stock Exchange (CSE).

A 20 percent stake in Textured Jersey was to be divested by its existing shareholders to qualified investors during the pre-IPO share placement last week, with the issue being comfortably oversubscribed despite it being offered to only selected investors, with a minimum subscription threshold in excess of Rs 50 million. The company expects to submit its IPO listing application to the CSE, wherein a further 10 percent of Textured Jersey is proposed to be offered to the public by way of a fresh issue of shares at the same pre-IPO placement price, subject to receiving CSE approval.

This new issue is expected to raise Rs 1.2 billion, with 30 percent of Textured Jersey to be in the hands of the public post-listing on the CSE.

source - www.dailynews.lk