The initial public offering (IPO) of shares of Sri Lanka’s leading specialized manufacturer of integrated cables, Cable Solutions Limited, which opened on the 23rd of July 2024, received broad-based interest from a diverse range of investors. Accordingly, the offer was oversubscribed and was thus closed at 4.30pm the same day. Managed by Asia Securities Advisors (Private) Limited, the issue saw subscriptions for 14,666,600 new ordinary voting shares of the company, together with the sale of an existing 66,120,000 shares of the company by four of its non-majority shareholders. The company was able to successfully raise LKR 109,999,500/- by way of its offer for subscription. Investors will be notified of the fair and transparent basis of allotment, together with the date of listing in due course.
Founded in 2008, CSL is a subsidiary of ACL Cables PLC, and has expanded its footprint across international markets, with exports accounting for a substantial 94% of its LKR 3.3-billion revenue in FY2023. Serving clients in 13 countries including the USA, UK, Germany, and India, CSL’s extensive global presence underscores its ability to meet stringent international standards and adapt to diverse customer needs. The company intends to utilise its IPO funds for capital expenditure towards new machinery (81.8%) and working capital (18.2%), and expresses its gratitude to its new stakeholders, while reaffirming its commitment to delivering exceptional value.
