Luminex IPO postponed to May 19

Luminex Ltd this week postponed its May 12 launch of the Rs. 250 million initial Public Offering (IPO) of 31,250,000 ordinary shares at Rs. 8 per share.

It will now open on May 19, the postponement attributed to the current unrest in the country and after consultations with the Colombo Stock Exchange.

The issue, when launched, amounts to a 11.52 per cent stake of the company subsequent to the IPO. The amount of Rs. 250 million raised from the IPO will be utilised to enhance the working capital to scale up by consolidating local operations. Navara Capital Ltd are the financial advisors and issue managers, Luminex said in a statement.

Luminex Ltd is leading engineering company and market leader in Telecom Infrastructure Engineering and also involved in Electrical, Civil and Water Projects as well. 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.