17 August 2024 12:19 am Views - 268
From left: Udesh Rajeendra, Daya Wahalatantri, Kusal Jayawardana, Mahesh Amarasiri, Rajeeva Bandaranaike, Pawan Tejwani, Suren Madanayake, Ranila Wijesundara, Sajana Gunawardena, Dumith Fernando, Renuke Wijayawardhane and Pavani Hiduranalage
The shares of Cable Solutions Limited (CODE: CSLK-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on August 14, 2024.
The shares have been listed on the Diri Savi Board of the CSE. The occasion was marked with a special Bell Ringing Ceremony.
The company’s initial public offering (IPO) for over 80 million ordinary voting shares for sale, at Rs.7.50 per share, was notably oversubscribed on the opening day itself.
The event was attended Cable Solutions Limited (CSL) Chairman Suren Madanayake, Managing Director Pawan Tejwani, Director Mahesh Amarasiri, Director Daya Wahalatantri, Head of Operations Ranila Wijesundara, Tempest PE Partners Assistant Manager Sajana Gunewardhana, Chairman Dumith Fernando, Asia Securities Limited (ASL) Vice President Investment Banking Udesh Rajeendra, Analyst Pavani Hindurangalage and including other guests from CSL, ASL and Tempest PE Partners. The CSE was represented at the event by its CEO Rajeeva Bandaranaike, CRO Renuke Wijayawardhane and the CSE senior management.
Delivering the opening remarks, Bandaranaike congratulated CSL on its progressive initiative to go public.
“With an oversubscribed IPO on its opening day, Cable Solutions now becomes a PLC today. This milestone will elevate your corporate status and enhance relationships with your customers, suppliers, bankers and investors. Listing brings greater visibility and brand recognition for the company and over time creates wealth for your shareholders. The compliance and regulatory framework you now enter will further strengthen your company’s standing, leading to significant long-term benefits.”
Tejwani, delivering the keynote address, stated, “Cable Solutions is truly a synergistic product of collective vision. Our success hinges on preserving our core values while stimulating progress. This blend has created a dynamic organisation that has achieved significant growth, including a successful IPO.”
He concluded, “I believe export growth is inseparably connected with investor confidence and with strong investor support, I am optimistic about our continued growth.”
Established in 2008, Cable Solutions has excelled in the cable manufacturing industry, exporting to 13 countries and generating 94 percent of its revenue from exports. The company’s strong R&D and engineering capabilities enable it to customise cables for diverse industries like renewable energy, telecommunications, robotics and aerospace. Its expertise lies in creating high-quality, custom-made cables that perform in extreme temperatures, confined spaces and harsh environments. Cable Solutions’ market reach includes major economies such as the USA, Spain, India, Sweden and Austria.