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Wednesday, September 7, 2011

TJL trades above IPO price for first time

Textured Jersey (TJL) yesterday closed above the IPO price for the first time, since the share started trading in the Colombo bourse in August 9, 2011.

TJL share which opened at Rs.15 (IPO price) went high as Rs.15.70, which was also its all time high, and closed at Rs.15.10. The average price was Rs.15.30. The number of TJL shares traded for the day was 4.6 million, and the turnover contribution was Rs.70.7 million. According to analysts, some shares of the recent IPOs are still struggling to trade above the IPO price despite being fundamentally strong.

TJL offered 80 million shares to the public at Rs.15 per share on July 7, 2011. The company did a pre-IPO private placement of 116 million shares during April-May at Rs.15 per share.

TJL engages in producing weft-knitted fabrics and operates as a subsidiary of Pacific Textiles Holdings Limited and Brandix Private Limited.

source - www.dailymirror.lk