Cable Solutions IPO opens today

The initial public offering (IPO) of the shares of Cable Solutions Limited (CSLK) will open today.

The issue will see a total of 80,786,600 ordinary voting shares of the company offered to the public, through a combination of an offer for subscription of 14,666,600 new ordinary voting shares and an offer for sale of 66,120,000 existing ordinary voting shares. 

The offer price of the shares in CSLK will be Rs.7.50 per share, with the company seeking to raise a total of Rs.109,999,500 from the public, through its offer for subscription of 14,666,600 shares. 

The company intends to utilise its IPO funds for capital expenditure towards new machinery (81.8 percent) and working capital (18.2 percent). The sale of the existing shares of the company, by four of its non-majority shareholders, will be subject to the offer for subscription being fully subscribed. 

Asia Securities Advisors (Private) Limited is the financial advisor and manager to the IPO. 

Founded in 2008, CSLK is a subsidiary of ACL Cables PLC and has expanded its footprint across international markets, with exports accounting for a substantial 94 percent of its Rs.3.3 billion revenue in FY2023.