Luminex IPO postponed | Sunday Observer

Luminex IPO postponed

15 May, 2022

Luminex Limited’s Rs. 250 million initial Public Offering (IPO) of 31,250,000 ordinary shares at Rs. 8 per share has been postponed until May 19, the company stated in a media release last week.

The postponement comes in the light of the unrest in the country and at the consultation with the CSE.

The issue, when launched, amounts to a 11.52% stake of the company subsequent to the IPO. The Rs. 250 mn raised from the IPO will be used to enhance the working capital to scale up by consolidating local operations. Navara Capital Limited are the financial advisors and issue managers.

Luminex Limited is a telecom infrastructure engineering company and also involved in electrical, civil and water projects.

The company has been in operation for well over 35 years and completed over 850 projects in the past 10 years. It is a leading telecom OSP (Outside Plant) construction partner for Sri Lanka Telecom and Dialog Axiata and a construction contractor for public and private entities. The company is empowered by a competent 570 inhouse workforce across 8 operation centers and 29 project offices at present.