Cable Solutions Limited plans  Rs.605.89mn IPO

Cable Solutions Limited, leading specialised cable manufacturer for international electronics markets and a subsidiary of ACL Cables Plc is planning a Rs.605.89 million Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE).

 The CSE last week announced that it had approved, in-principle, an application submitted by the company, for the listing of its ordinary voting shares on Diri Savi Board by way of an offer for subscription and an offer for sale.

The company is planning to issue combined 80.786 million ordinary voting shares priced at Rs.7.50 per share. Accordingly, the company would be offering 14,666,600 shares at Rs. 7.50 a share for subscription and 66,120,000 shares at Rs. 7.50 a share for sale.

The opening of subscription list is scheduled on 23rd of July this year and copies of the prospectus are to be made available to trading participants on 9th of July.

Asia Securities Advisors (Private) Limited is acting as managers and financial advisors to the issue.

Cable Solutions Limited is a specialist manufacturer of the Käblr Brand of cables, wires, and harnesses for virtually all segments in the international electronics markets.

In 2019, ACL Cables PLC acquired 51 percent stake of Cable Solutions Pvt Ltd. (NF)