The ground-breaking Initial Public Offering (IPO) of SME-centric Empower Board debutant Chrissworld Ltd. has been oversubscribed by over two times.
Warehouse and logistics specialist Chrissworld’s IPO was for 7.5 million shares at Rs. 7.50 each. It closed on its official opening day itself on 27 April receiving 283 applications requesting for 16.183 million shares worth Rs. 121.373 million.
In terms of the prospectus, the Board of Directors of Chrissworld has decided the basis of allotment for 7,500,000 ordinary voting shares as follows:
1. Retail individual investor category – allotment in full for 983,700 shares.
2. Unit trust investor category (as specified in the prospectus) – allotment in full for 1,500,000 shares.
3. Non-retail investor category – based on the number of shares applied by each applicant, to allot
13,300 shares and 30.85493% of the balance shares remaining after the allotment of 1-3,300 shares.
Any rounding off difference arising out of the above is adjusted to the largest applicant.
Financial advisor and manager to the offer and sponsor was Atarah Capital Partners Ltd.
Funds raised via the IPO will be used to upgrade Chrissworld’s facilities and services by introducing new racking, new material handling equipment and add a warehouse management system. The company said these measures would bring very positive results in business growth.