Ex-Pack IPO oversubscribed on opening day

Ex-Pack Corrugated Cartons Limited’s Rs.700 million IPO was oversubscribed within minutes of opening yesterday. 
In a filing to the Colombo Stock Exchange, the company’s registrar stated that the issue would close at 4:30 p.m. yesterday, October 22 and the basis of allotment would be notified shortly thereafter. 

The co-managers to the issue, Capital Alliance and Asia Securities, commented that there was exceptional interest in the IPO from the very beginning and that it has drawn active interest from a range of investors, both individuals and institutions.

Funds raised by the IPO will go towards a Rs.3 billion ultramodern production facility, which is expected to raise monthly volumes from 2,650 metric tonnes currently, to 4,000 metric tonnes by 2025. 

The company remains resolutely committed to delivering exceptional value to its investors, customers, people, communities and other stakeholders.