2014’s first IPO Millennium Housing Developers opens today

Tuesday, 28 January 2014 00:40 - - {{hitsCtrl.values.hits}}

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.