Access announces IPO allotment basis
Access Engineering Limited announced the basis of allotment of its Rs.
500 million IPO which was oversubscribed within few hours of its opening
on March 6, 2012.
According to the basis of allotment, all the retail investors and the
investors who applied up to Rs. 10 million (400,000 shares) under the
non-retail investor category were allotted 100% of the shares applied.
Access Engineering raised Rs. 4.5 billion in June 2011 through an issue
of shares where the minimum investment was Rs. 10 million. Investors who
applied for shares above 400,000 and up to and inclusive of 1,000,000
were allotted 90.53% of the shares applied whilst all other investors
who applied for more than 1,000,000 shares were allotted 1,000,000
shares each.
"The maximum limit on allotment for large investors was with a view
to broad base our shareholding through full allotment being given to
small and medium scale investors, since large investors at the Private
Placement got the full allotment in accordance with the shares they
applied for," the Chairman of Access Engineering, Sumal Perera said.
Based on the Stock Exchange filing, 942 investors have applied for
30,644,400 shares at the IPO and 802 investors under the retail investor
category
were allotted 909,200 shares whilst the balance 19,090,800 shares
were allotted to investors who had applied under the non-retail investor
category. The shares of the company are expected to be listed on the
Colombo Bourse towards the end of March 2012.The company raised Rs. 500
million through the issue of 20 million ordinary voting shares to the
public at Rs. 25 each, amounting to a 2% stake of the company, post IPO.
The funds raised will be used to partly finance the working capital
requirements of a housing project to the value of Rs. 3 billion
undertaken by the company on behalf of UDA.
Access Engineering is now the first construction company pioneered by
Sri Lankan entrepreneurs to be listed on the Colombo Stock Exchange (CSE)
and would be within the top 20 corporates listed in terms of market
capitalization at the share issue price of Rs. 25/- per share. |
