The New Year’s first Initial Public Offering (IPO) by the Millennium Housing Developers Ltd. (MHDL) will officially open today.
The company is issuing 32 million shares at Rs. 6 each in two tranches in a bid to raise Rs. 192 million to fund its ongoing and future construction of quality housing units within the Colombo District.
Seeking a Diri Savi Board listing, MHDL’s IPO involves a first tranche of 16 million shares and in the event of it being oversubscribed the second tranche of an equal amount will be exercised.
The IPO comes at a time when there is positive re-rating for equities investments given the envisaged low interest rate scenario and rebound in economic growth in 2014.
Managers to the issue is Arpico Ataraxia Asset Management Ltd.
Millennium Housing Developers Ltd Initial Public Offer today
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