Luminex’s Rs.250mn IPO to open on April 26

Diversified engineering company Luminex Limited has secured official approval from the Colombo Stock Exchange (CSE) for its Rs.250 million initial public offering (IPO), which is scheduled to open 26th of this month.

The company plans to issue 31.25 million new ordinary voting shares at an offer price of Rs.8 per share to be listed on CSE’s Diri Savi Board.

Navara Capital Limited has been appointed as financial advisors and managers to the issue.

Earlier this week, CL Synergy postponed its Rs.1.3 billion IPO, which was scheduled for 7th of this month, citing short-term uncertainties in the market due to political and social unrest in the country. 

Luminex specialises in telecommunication network development, electrical engineering (low tension (LT) and high tension (HT)), civil, water and sewerage construction.

The company recorded 65 percent year-on-year (YoY) revenue growth in FY21 from Rs.2.5 billion recorded in FY20. It also saw 214 percent YoY growth in the profit after the tax driven by a volume increase in telecom, electrical and water projects.