Mar 06, Colombo: The initial public offering (IPO) of Sri Lankan aluminium company Alumex Group has been oversubscribed, the Company informed the Colombo Stock Exchange.
The IPO has received applications for 59,860,600 shares at Rs. 14 per share and accordingly, the issue will close at 4:30 p.m. local time today.
The company hopes to raise US$ 6.41 million (Rs. 838 million) via the IPO to help it finance its expansion plans.
Via the IPO, the Alumex Group hopes to raise Rs. 240 million to set up a powder coating plant and acquire die manufacturing equipment. The measure will double its powder coating capacity to 3,600 metric tons per year.
Alumex is a fully integrated manufacturer of aluminium profiles in Sri Lanka since 1986. In 2010, Alumex was acquired by diversified conglomerate Hayley's Group.